Shares of AFK “System” on Masuria fell to the lowest since 2015

MOSCOW, may 12. /TASS/. Ordinary shares of Sistema JSFC in the course of trading on the Moscow stock exchange fell by 7.1% to 12.78 RUR per paper, according to the auction. So cheap the company’s securities have not been since January 2015

Price of the shares of AFK “Sistema” on Masuria declining for the third day in a row. After the may holidays trading on the Moscow stock exchange began on may 10, and since then, the share of AFK “Sistema” has already fallen in price by 11.8%.

Accelerated decline in the value of shares of the company began on may 3, when over one trading day, shares of AFK “Sistema” fell by 36.9%. The decrease in shares was followed by reports on may 2 that the Arbitration court of Moscow has registered the claim of “Rosneft” and Gazprom” on 106,6 billion. the lawsuit JSC “System-invest” and AFK “System”.

The Arbitration court of Moscow, the arguments claim that the defendants (AFK “System” and “Sistema-invest”), which is jointly owned in 2010-2014 more than 73% of shares of “Bashneft”, reorganized the company, which “Bashneft” has lost 49.41 percent of the shares of JSC “System-invest”.

In addition, was produced by the repurchase of 16.8% of shares of “Bashneft” from minority shareholders for the account of the Issuer with their subsequent repayment. Also the subsidiary of Bashneft, was transferred liabilities in the form of outstanding contracts loan to “Bashneft”, for which commitments were stopped by coincidence of the debtor and creditor in one person.

“Rosneft” demands from AFK “System” and “Sistema-invest” for damages caused as a result of these actions of “Bashneft”.

AFK “System” with a lawsuit disagrees and believes the plaintiffs claim was illegal and unjustified. According to the “System”, all corporate actions which are specified in the lawsuit, was carried out in accordance with the law and best corporate governance practices in business development and growth in the value of “Bashneft”.