OREANDA-NEWS. On July 31, 2007 Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, announced that its Board of Directors has convened an Extraordinary General Meeting ("EGM") of Sistema shareholders, which will be held on September 17, 2007, reported the press-centre of Sistema.  

Shareholders registered as at the record date of August 5, 2007, will be eligible to participate in the meeting. Details about how to register for the meeting can be found on the Company's website at http://www.sistema.com/ starting from 17th of August 2007.

The agenda for the meeting will comprise the Board's proposal to subdivide the nominal value of Sistema's ordinary shares by 1,000 times. As a result, the Company's share capital would comprise 9,650,000,000 ordinary shares with a par value of RUR 0.09 per share. In addition, the Board of Directors will propose that the Company's Charter be amended to reflect the changes in the Company's share capital.

Alexey Buyanov, Chief Financial Officer, commented: "The proposed subdivision will help us to stimulate trading liquidity in the Company's securities and is intended to boost the level of interest in our shares in the market."