Robert Kocharian becomes shareholder of JSFC Sistema

PanARMENIAN.Net - Armenia’s second president Robert Kocharian has become a shareholder of Joint Stock Financial Corporation Sistema.

Independent Director Robert Kocharian, who previously did not hold any shares, was awarded 0.0009 % of the outstanding share capital, JSFC Sistema said on its website.

In line with the remuneration structure for the members of Sistema Board of Directors, shareholdings in the Company of seven members have been increased by 89,139 shares, and three Directors have been awarded their first allocation of shares with two being granted 93,237 shares each and one receiving 89,139 shares. Each allocation represents approximately 0.0009% of 9,650,000,000 total shares outstanding. Based on the closing GDR price on the London Stock Exchange as of July 15, 2010, of US$ 23.86 per GDR, this equates to an indicative value of $ 1.1 million.

JSFC Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. The company recorded $6.2bln proceeds in the first quarter of 2010, while its total assets totaled $42.6bln as of March 31, 2010.