OREANDA-NEWS. November 11, 2010. Sistema (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, today announces that an Extraordinary General Meeting of shareholders of OJSC Detsky Mir-Center (the “Company”) approved a resolution to increase the Company’s share capital through an additional share issue offered to Sberbank in a private placement. Detsky Mir-Center will issue 743 shares with a par value of RUB 100, representing 25% plus 1 share of the Company’s share capital after the additional issue. The shares will be placed at approximately RUB 4.6 million per common share, reported the press-centre of Sistema.

The structure of the deal currently under discussion includes a right of Sberbank to sell the Company’s shares to Sistema.
 
Within the framework of this transaction, Sistema, its subsidiaries and Sberbank will sign a number of agreements, including a share purchase agreement and a put option agreement to transfer Detsky Mir-Center shares. The completion of this deal will also be contingent upon the fulfillment of a number of conditions in such agreements, including obtaining necessary corporate approvals from each party and approvals from regulatory authorities. The deal and the placement of the Company’s additional shares are expected to be completed by the end of 2010.