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AFK Sistema to keep investing in Russia despite strategy revision

November 27, 2014, 20:49 UTC+3 MOSCOW
The company is revising its investment portfolio “to reveal new possibilities for growth, cut losses on investment and optimize the holding company’s structure," Sistema President Mikhail Shamolin
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© ITAR-TASS/Sergey Bobylev

MOSCOW, November 27. /TASS/. Russian services conglomerate AFK Sistema does not plan to give up investment in Russia despite a revision of its strategy, Sistema President Mikhail Shamolin said during a conference call on Thursday.

“Sistema wants to continue investing in Russia. As a group, we make one of the greatest contributions to the economy,” Shamolin said.

He said the company is now revising its investment portfolio “to reveal new possibilities for growth, cut losses on investment and optimize the holding company’s structure.” The result of the revised strategy will be announced in early 2015, he said.

Shamolin said Sistema plans to keep investing in telecommunications, consumer markets, medicine and infrastructure. “But our investment activity in the fuel sector may go down,” he said, adding that from January 2015, Sistema will start cutting expenditures, including optimization of the number of employees.

Earlier it was reported that Moscow’s Arbitration Court on October 30 granted a lawsuit by the Prosecutor General’s Office on recognizing midsized oil producer Bashneft’s privatization illegal and returning 81.7% of the company’s stock to the state.

The defendants were private owners of the oil company — AFK Sistema of Vladimir Yevtushenkov, currently under house arrest, its investment arm Sistema-invest and Bashneft proper. In line with the court ruling that will take effect December 8, 2014, 81.7% of Bashneft’s shares will pass into the ownership of the state.

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