Sistema PJSFC (SSA)
Sistema PJSFC: Ad-Hoc Notice

07-Apr-2022 / 19:30 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 Ad-Hoc Notice

Moscow, Russia - 7 April 2022 - Sistema PJSFC ("Sistema" or the "Corporation") (LSE: SSA, MOEX: AFKS), a publicly traded Russian investment company, notes the reports to the effect that on 6 April 2022, Russia's lower chamber of parliament passed a bill requiring Russian companies to terminate their foreign depositary programs under which depositary receipts representing shares of such companies (including the Corporation) are listed and traded on foreign stock exchanges. Remaining steps of the legislative process involve consideration of the bill by the Federation Council (upper chamber of the Russian parliament) and the President of the Russian Federation.

The termination of Sistema's depositary program would, inter alia, result in the cancellation of Sistema's GDRs, with the underlying ordinary shares represented by those GDRs being distributed to shareholders, and the delisting of the GDRs from the London Stock Exchange. The underlying shares would continue to be listed on the Moscow Stock Exchange, which would remain the sole listing venue of the Corporation's equity securities. The mechanics and timing relating to how the GDRs will be converted into the underlying shares and how such underlying shares are to be traded following their withdrawal from Sistema's depositary program as well as a number of other relevant parameters remain uncertain. Recipients of such underlying shares may also be subject to restrictions on holding these (either as a matter of applicable law or their own policies). The adoption of this legislation could materially adversely affect the liquidity in, and the trading price of, Sistema's GDRs and ordinary shares.

The Corporation is currently considering its options should this legislation become effective.

Sistema notes the announcement of its GDR program depository Citi Depositary Receipt Services ("Citi") that it will open the books for cancellation of the depositary receipts programs of the Corporation along with other Russian issuers effective immediately.                             For further information please refer to Citi's announcement available at https://depositaryreceipts.citi.com/adr/common/file.aspx?idf=5929

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Sistema PJSFC is a publicly traded diversified Russian holding company in the sectors of telecommunications, high technology, financial services, retail, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2021 was RUB 802.4 billion; total assets equalled RUB 1.8 trillion as of 31 December 2021. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website: www.sistema.ru.

  

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For further information, please visit www.sistema.com or contact:

Public Relations

Sergey Kopytov

Tel.: +7 (495) 730 17 05

kopytov@sistema.ru

Investor Relations

Sergey Levitskiy

Tel: +7 (495) 730 66 00

s.levitskiy@sistema.ru

 



ISIN: US48122U2042
Category Code: MSCH
TIDM: SSA
LEI Code: 213800JSZ2UUK4QQK694
Sequence No.: 154327
EQS News ID: 1323371

 
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UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.