Russia’s Sistema sells 0.63% in MTS for $55 mln, now owns 50.03%

MOSCOW, Dec 22 (PRIME) -- Sistema Finance S.A., a unit of Russian multi-industry holding Sistema, has sold 6,248,227 American depositary shares (ADS) of mobile operator MTS, or 0.63% of the charter capital, for U.S. $55.359 million to a non-affiliated buyer, the holding said Thursday in a statement.

As a result, Sistema’s effective share in MTS’ capital declined to 50.03%.

“In 2016, we completed a number of successful monetization transactions with MTS shares in line with our strategy to further diversify Sistema’s investment portfolio,” the holding’s President Mikhail Shamolin said.

“As MTS maintains leadership in the Russian telecommunications market, it also offers high shareholder returns. Sistema plans to remain the company’s controlling owner. The transaction we are announcing today generates additional resources for Sistema and allows us to continue investing in new promising projects in the Russian market.”

The sale was executed in compliance with U.S. Securities and Exchange Commission Rule 144.

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