OREANDA-NEWS. December 04, 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 VTB Bank has exercised its call option to acquire a further 31.5% stake in Sistema-Hals for RUB 30, reported the press-centre of Sistema.

Sistema has completed the final stage of the sales agreement signed with VTB Bank in April 2009. In the first stage, concluded in April 2009, VTB Bank acquired a 19.5% stake in Sistema-Hals for RUB 30. Following the exercise of the call option VTB Bank owns 51.24% of Sistema-Hals.

Both parties have signed a shareholder agreement, which defines the terms of their cooperation on a number of investment projects of Sistema-Hals Group and terminates Sistema Group’s obligations and guarantees with regards to Sistema-Hals Group’s debt to VTB Bank.
 
Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “Our strategic partnership with VTB Bank provides a platform for a productive development of Sistema-Hals and the increase of its asset value. We continue to see great potential in the Russian real estate sector and will participate in the management of Sistema-Hals as we remain one of the key shareholders.”