KO71 Sistema PJSFC Sponsored GDR RegS

Sistema PJSFC: Sistema Group to double its hospitality business

Sistema PJSFC (SSA)
Sistema PJSFC: Sistema Group to double its hospitality business

01-Feb-2023 / 12:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EquityStory RS.
The issuer is solely responsible for the content of this announcement.


Sistema Group to double its hospitality business  

Moscow – 1 February 2023 – Sistema PJSFC (“Sistema” or the “Corporation”) (LSE: SSA, MOEX: AFKS), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has entered into a binding agreement to acquire a 100% stake in a number of Russian companies – owners of ten hotels in four Russian cities – from Norway’s Wenaas Hotel Russia AS, for up to EUR 203 million (the “Transaction”). The final purchase price will be determined based on the cash balances on the target companies’ bank accounts as of the date of the completion of the Transaction, and will be financed from the own and borrowed funds of Cosmos North-West LLC.

The Transaction is expected to be completed by the end of 1Q 2023 subject to obtaining of all necessary regulatory approvals. 

“The hotels of Wenaas Hotel Russia AS represent a diversified portfolio of hospitality assets. Most of the hotels to be purchased are in outstanding locations: from the historical centre of St Petersburg and other cities to the immediate vicinity of Russia’s largest airports, Sheremetyevo and Pulkovo. The acquisition of these hotels that meet high standards of service and quality will enable Cosmos Hotel Group to double its number of rooms and considerably bolster its position in Russia’s hospitality market. As a result of the Transaction and the implementation of our development programme, our hotel capacity will exceed 9,500 rooms in 2023,” said Aleksandr Biba, President of Cosmos Hotel Group.

Wenaas Hotel Russia’s portfolio comprises six hotels in St Petersburg (Park Inn by Radisson Pribaltiyskaya, Park Inn by Radisson Pulkovskaya, Park Inn by Radisson Nevsky, Radisson Blue Royal Hotel, Park Inn by Radisson Pulkovo, Olympia Garden Hotel), two in Moscow (Park Inn by Radisson Sheremetyevo, Radisson Blu Sheremetyevo Airport), one in Murmansk (Park Inn by Radisson Murmansk) and one in Yekaterinburg (Park Inn by Radisson Yekaterinburg). Altogether, the hotels have 4,078 rooms and a total floor space of 264.1 thousand square metres. In 2021, the hotels’ revenue totalled RUB 4.3 billion; in 2019, prior to the pandemic, it was RUB 6.2 billion. The total net debt of the acquired companies is negative.

Cosmos Hotel Group is one of the largest hotel management companies in the Russian market, with a portfolio that includes over 20 hotels in 16 cities in Russia. The Group manages the operations of hotels with over 4,500 rooms.

***

For further information, please visit or contact:

Public Relations

Sergey Kopytov

Tel.: +7 (495) 730 17 05

 

Investor Relations

Sergey Levitskiy

Tel: +7 (495) 730 66 00

 

Sistema PJSFC is a publicly traded, diversified Russian holding company in sectors including telecommunications, high technology, financial services, retail, e-commerce, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2021 was RUB 802.4 billion; total assets as of 31 December 2021 amounted to RUB 1.8 trillion. Sistema’s global depositary receipts are listed under the ticker “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the ticker “AFKS” on Moscow Exchange. Website:  


() The acquired share in JSC Polyarnye Zori Hotel (owns Park Inn by Radisson Murmansk) is 98.44%, in JSC Hotel Complex Sheremetyevo-2 (owns Park Inn by Radisson Sheremetyevo) - 99.91%.

() Including a 10% contribution to the Russian Federation budget, payable pursuant to the ruling of the Ministry of Finance of Russia dated December 30, 2022 N 05-06-10 / VN-67867.



ISIN: US48122U2042
Category Code: MSCM
TIDM: SSA
LEI Code: 213800JSZ2UUK4QQK694
Sequence No.: 219788
News ID: 1548245

 
End of Announcement EquityStory RS News Service

fncls.ssp?fn=show_t_gif&application_id=1548245&application_name=news&site_id=research_pool
EN
01/02/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Sistema PJSFC Sponsored GDR RegS

 PRESS RELEASE

Sistema PJSFC: Sistema Group completes acquisition of hotel business f...

Sistema PJSFC (SSA) Sistema PJSFC: Sistema Group completes acquisition of hotel business from Wenaas Hotel Russia 09-March-2023 / 19:00 MSK The issuer is solely responsible for the content of this announcement. Sistema Group completes acquisition of hotel business from Wenaas Hotel Russia  Moscow – 9 March 2023 – Sistema PJSFC (“Sistema” or the “Corporation”) (LSE: SSA, MOEX: AFKS), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has completed acquisition...

 PRESS RELEASE

Sistema PJSFC: Termination of transaction to purchase a 47.7% stake in...

Sistema PJSFC (SSA) Sistema PJSFC: Termination of transaction to purchase a 47.7% stake in Melon Fashion Group 05-March-2023 / 20:30 MSK The issuer is solely responsible for the content of this announcement.   Termination of transaction to purchase a 47.7% stake in Melon Fashion Group   Moscow, Russia – 5 March 2023 – Sistema PJSFC (the “Corporation”) (LSE: SSA, MOEX: AFKS) announces that all the agreements entered into by the Corporation on October 19, 2022, to acquire in aggregate a 47.7% stake in Melon Fashion Group from Swedish Eastnine and East Capital Holding AB, as well ...

 PRESS RELEASE

Sistema PJSFC: Sistema Group to double its hospitality business

Sistema PJSFC (SSA) Sistema PJSFC: Sistema Group to double its hospitality business 01-Feb-2023 / 12:00 MSK Dissemination of a Regulatory Announcement, transmitted by EquityStory RS. The issuer is solely responsible for the content of this announcement. Sistema Group to double its hospitality business   Moscow – 1 February 2023 – Sistema PJSFC (“Sistema” or the “Corporation”) (LSE: SSA, MOEX: AFKS), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has ent...

 PRESS RELEASE

Sistema PJSFC: Director/PDMR Transaction

Sistema PJSFC (SSA) Sistema PJSFC: Director/PDMR Transaction 29-Dec-2022 / 19:50 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.  Director/PDMR Transaction     Moscow, Russia – 29 December 2022 - Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them       1. Details of the person discharging managerial responsibilities/person closely associated a) Name Mr. Felix E...

 PRESS RELEASE

Sistema PJSFC: Sistema announces financial results for the third quart...

Sistema PJSFC (SSA) Sistema PJSFC: Sistema announces financial results for the third quarter 2022 15-Dec-2022 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Sistema announces financial results for the third quarter 2022   Moscow, Russia – 15 December 2022 – Sistema PJSFC (“Sistema”, the “Corporation”, or together with its subsidiaries and affiliates the “Group”) (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, announces its unaudited consolidated financ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch