Sistema Exits Sistema-Hals

July 9, 2010

Sistema, billionaire Vladimir Yevtushenkov’s holding company, agreed to sell its last 28 percent of property developer Sistema-Hals to VTB Group, Kommersant reported Thursday, citing an unidentified Sistema-Hals executive.

The transaction will boost VTB’s stake to 79 percent, the paper reported. VTB may create its own property development division to unite Sistema-Hals and Don-Stroi, which it now controls, Kommersant said.

(Bloomberg)

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