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Articles & publications
04.08.2010
Sistema approves swapKommersant
The shareholders of AFK Sistema approved at an extraordinary general meeting the stipulation of a securityship agreement with Svyazinvest. Under the terms of the agreement, Sistema is to be liable for the execution by its subsidiary ZAO Sistema Inventure of obligations contracted under a sap agreement for the shares of Skylink, which was entered into between Svyazinvest and Sistema Inventure.
Svyazinvest, in turn, is required to turn over to Sistema Inventure its 28% stake of common shares in MGTS in exchange for a 50% stake of common shares in Skyline, with an additional payment of RUR 450 mln. This deal is part of a broad transaction involving an asset swap between AFK Sistema and Svyazinvest, which calls for the state to regain its 25% + 1 share stake in Svyazinvest which is currently owned by AFK, plus repayment of Sistema’s RUR 26 bln debt to Sberbank.
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