Vladimir Yevtushenkov reduces stake in Sistema to below controlling amid UK personal sanctions
MOSCOW. April 13 (Interfax) - Vladimir Yevtushenkov, the biggest shareholder in AFK Sistema , has reduced his stake in the corporation to 49.2% amid UK sanctions.
Sistema said in a statement that Vladimir Yevtushenkov had transferred a 10% stake to his son, a member of Sistema's board of directors and a senior managing partner, Felix Yevtushenkov.
As a result of this transaction, Felix Yevtushenkov's stake in the share capital of Sistema has increased to 15.2%, whereas Vladimir Evtushenkov's shareholding in Sistema has decreased to 49.2%.
The sanctions imposed by the UK Government on Vladimir Yevtushenkov on April 13 are personal and do not target the corporation and other group companies, Sistema said.
Sistema said it would "continue to duly fulfil all of its obligations towards its creditors, investors, employees, and partners."
"Sistema cannot, however, rule out the further possibility of a material adverse impact on the operations and financial results of the Group's companies and, as a result, on the Corporation's financial results, stemming from current and/or future external factors beyond its control, including a change in the macroeconomic situation, restrictions relating to business and trade relations, or the possibility of the further expansion of sanctions," it said.
Sistema's asset portfolio includes MTS , timber industry holding Segezha Group , Ozon , real estate developer Etalon , medical clinic chain Medsi, Steppe Agroholding, pharmaceutical holding Binnopharm Group, and others.
"The Corporation maintains a stable financial position and comfortable debt leverage," Sistema said. "The debt portfolio of the Corporation is fully denominated in Russian rubles," it said.
The financial liabilities of Sistema's corporate center at the end of the fourth quarter totaled 229.4 billion rubles, showing growth of 20.5% year-on-year due to the placement of ruble-denominated bonds.
Sistema had revenue of 802.4 billion rubles in 2021, and its total assets as of December 31, 2021 were 1.8 trillion rubles.
AFK Sistema global depositary receipts are traded on the London Stock Exchange. The free float is 5.7%. Ordinary shares are traded on the Moscow Exchange. The free float is 25.1%. The remaining shares are divided up between Sistema group companies, members of the board of directors, and the company's management.