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MOSCOW-Russia’s Sistema-Hals, which focuses on telecommunications, technology and real estate business, agreed to sell a stake in its real estate arm to VTB Bank for less than $1 (30 rubles). According to a MarketWatch report, VTB acquired 19.5% of the real estate subsidiary with the option to an additional 31.5% stake for $1 (30 rubles).

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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