Russia’s Sistema sells 1.27% in MTS in ADRs for $100.4 mln

MOSCOW, Sep 23 (PRIME) -- Russian multi-industry holding Sistema has sold a 1.27% stake in MTS in the form of American depositary receipts (ADRs) for U.S. $100.4 million, and its total interest in the mobile operator decreased to 50.44%, the holding said Friday in a statement.

The stake of 12.7 million shares was sold by Sistema’s unit, Sistema Finance S.A., to a non-affiliated buyer.

“This transaction will help us to further strengthen Sistema’s investment resources and diversify its investment portfolio where MTS remains a core asset. It is fundamental that we have retained control in MTS, and we do intend to remain the operator’s controlling owner going forward,” Sistema’s President and CEO Mikhail Shamolin said.

“MTS continues to lead the Russian telecommunications market and we remain confident in the underlying strength of the company’s business model and its future performance.”

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