26 Dec 2019 10:16

Sistema reduces debt to forecast 190 bln rubles

MOSCOW. Dec 26 (Interfax) - Sistema PJSFC has managed to reduce its debt to the previously forecast 190 billion rubles, the Russian conglomerate's principal beneficiary, Vladimir Yevtushenkov told reporters.

"We reduced quite substantially, to comfortable territory. Next year the target is 150 [billion rubles]," Yevtushenkov told Interfax.

Sistema earlier announced plans to reduce its debt to 150 billion-190 billion rubles by the end of 2019, and it said 150 billion rubles would be a comfortable debt level. The issue of reducing debt became crucial for the company after legal disputes with state oil major Rosneft that ended in Sistema paying 100 billion rubles in a settlement, which increased its debt by 70%.

Sistema reduced its net debt by 6.9% to 199 billion rubles in the third quarter of 2019 thanks to the development of assets and monetization of Leader Invest.