OREANDA-NEWS. On May 29, 2008 Sistema (LSE: SSA), the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, announced that it has increased its stake in Shyam Telelink Ltd. ("Shyam Telelink") from 51% to 72%, reported the press-centre of Sistema.

As previously announced, Sistema acquired a 51% stake in Shyam Telelink on January 18, 2008 and entered into a call option agreement at that time.  The call option agreement gave Sistema the right to increase its stake in Shyam Telelink from 51% up to a maximum of 74% in approximately 16 months from today for a purchase price based on the fair market value of the company at the time of such additional purchase.

On May 23, 2008, Sistema signed an amendment to the call option agreement, which gave Sistema the right to accelerate the purchase of an additional 21% stake in Shyam Telelink. 

In accordance with this amendment, Sistema has exercised a call option and acquired the additional 21% stake in Shyam Telelink.