SISTEMA ANNOUNCES UPDATE ON SSTL
Moscow, Russia – February 21, 2013 – Sistema JSFC (“Sistema”, the “Group” or the “Company”) (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that the Company’s Indian telecom subsidiary Sistema Shyam TeleServices Limited (SSTL) has informed the Ministry of Telecommunications of India regarding closure of services in the following ten circles: Assam, Andhra Pradesh, Bihar, Himachal Pradesh, Haryana, Jammu & Kashmir, Madhya Pradesh, North East, Orissa and Punjab. Separately, on February 14, 2013, the Supreme Court of India dismissed SSTL’s Curative Petition.
SSTL also confirms its intention to participate in the spectrum auctions starting from March 11, 2013 in select circles. The Government of India has confirmed that SSTL will be able to set off previous licence costs against the new auction prices. In accordance with the auction guidelines, the new licences will be technologically neutral.
SSTL intends to provide further details and update on its data-centric voice enabled strategy following the completion of the auctions.
For further information, please visit www.sistema.com or contact:
Tel.: +7 (495) 692 1100
Tel.:+7 (495) 730 1705
Sistema is the largest publicly-traded diversified holding company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 8.8 billion for the third quarter of 2012, and total assets of US$ 46.3 billion as at September 30, 2012. Sistema’s global depository receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the symbol “AFKS” on the MICEX-RTS Stock Exchange, and under the symbol “SIST” on the Moscow Stock Exchange (MSE). Sistema was ranked number 315 in the 2011 edition of the Fortune Global 500 list. Website: www.sistema.com
The Company is not an investment company, and is not and will not be registered as such, under the U.S. Investment Company Act of 1940.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.