OREANDA-NEWS. November 30, 2009. Sistema (the “Group”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, announced that the Extraordinary General Meeting of shareholders (“EGM”) has approved the sale of Sistema’s stakes in Ufaneftechim JSC (47.18% of the total share capital), Novoil JSC (61.57%), Ufaorgsintez JSC (51.49%), Ufimskiy NPZ JSC (55.58%) and Bashkirnefteprodukt JSC (56.11%) to ANK Bashneft JSC (“Bashneft”) for a total cash consideration of RUB 41.1 billion, reported the press-centre of Sistema.  

The EGM was convened and votes cast remotely via proxy, with November 16, 2009 as the final date for the receipt of ballots.
 
These transactions form the basis for creating a vertically integrated oil company with Bashneft controlling the holding structure. The completion of these deals is expected by the end of 2009.