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December 26, 2007 |
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SISTEMA-HALS: Sells 50% Stake in 13 Kostyansky to MIRAX Sistema-Hals JSC announced Dec. 20, 2007, the sale of a 50% stake in 13 Kostyansky CJSC to partner company MIRAX Group. "In seeking to establish the most effective possible asset structure, Sistema-Hals continuously carries out complex monitoring and score analysis of its profile. Its current business model shows that it would be more cost effective to invest the funds received from the sale of the 13 Kostyansky project into other projects that the company is currently implementing," Igor Kashcheev, Sistema-Hals vice president disclosed. "MIRAX Group does not engage in typical projects and is only interested in original and innovative concepts such as 13 Kostyansky. We decided to acquire a stake in this project from our partners, Sistema-Hals, so that the concept could be realized in line with our vision," Alexander Yedinak, senior vice president of MIRAX Group stated. "The unique structure of this luxury residential project is strictly in keeping with the architectural style of Moscow's historic centre. This is an interesting and complex development and we believe that MIRAX Group has both the experience and strong brand reputation to successfully complete this project," Mr. Yedinak added. 13 Kostyansky CJSC is a company working on the project located at 13 Kostyansky Lane, Moscow. Sistema-Hals and MIRAX Group previously held equal ownership interests in the company. Headquartered in Moscow, Russia, Sistema-Hals JSC -- http://www.sistema.com/ -- is a 71.1% subsidiary of Sistema JSFC. It is one of the leading property developers in Moscow and the Moscow region, with operations in the six regions in Russia, as well as Yalta and Kyiv in the Ukraine. In addition to its real estate development business activities, the company is involved in a number of large-scale governmental infrastructural projects in the capacity of project manager. During fiscal year of 2006, Sistema-Hals reported revenue of US$282.9 million and EBITDA of US$94.9 million. * * * As reported in the TCR-Europe on July 5, 2007, Moody's Investors Service assigned a B1 foreign currency corporate family rating to Sistema-Hals, a real estate development company based in Moscow. Moody's said the outlook on the rating is stable. Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer Default Rating 'B+', Short- term IDR 'B' and National Long-term rating 'A-(rus)'. The Outlooks for the Long-term IDR and National Long-term rating are Stable. |
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