Russia's Sistema Sells RE Stake for $1

By remstaff & By Globe Street | April 08, 2009 at 12:01 PM

MOSCOW-VTB purchased the 19.5% stake with the option to acquire an additional 31.5% of the real estate arm for $1.

MarketWatch report

Moscow-based Sistema also announced a public bond offering, in which the company will issue 3 billion rubles in bonds to mature in 2014. All of this is part of a plan to repay the company's $690 million in debt, which it owes to VTB.

As a result of the announcements, in today's trading Sistema's London-listed shares rose 11.6%. Likewise, London-listed shares of VTB rose 1.1%.

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