Yevtushenkov transfers 2.5% of Sistema to son, cuts stake to 61.7%

MOSCOW, Jun 9 (PRIME) -- Chairman of the board of directors of Russian multi-industry holding Sistema and its key owner Vladimir Yevtushenkov has transferred 2.5% of the company to his son, Feliks Yevtushenkov, Sistema said in a statement late on Friday.

As a result, the stake of Feliks Yevtushenkov, deputy chairman of the board of directors, grew to 2.6817%, and the stake of his father fell to 61.703%.

“The move is an example of implementation of a new management concept that envisages personal participation of the top managers in Sistema’s capital. Vladimir Yevtushenkov will retain his majority stake in the company,” Sistema’s official representative Sergei Kopytov told PRIME.

The company also said that a member of the board of directors and President Andrei Dubovskov acquired a 0.0102% stake to boost his shareholding to 0.0242%.

“I believe in Sistema’s future. The corporation will continue to develop dynamically as a leading public investment company creating value for its shareholders through investment in promising projects, development of portfolio companies and effective asset monetization,” the statement read quoting Dubovskov.

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