PJSC MTS (MBT) Sells Stake in Universal Mobile Systems
- Wall Street dips as Verizon drags; AmEx curbs losses
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- UPDATE: Qualcomm (QCOM), NXP Semiconductors (NXPI) Deal Could be Announced Next Week - Bloomberg
- Tesla (TSLA) Announces Self-Driving Hardware for All Vehicles in Production; Includes Model 3
- Walgreens Boots Alliance (WBA) Tops Q4 EPS by 8c; Guides FY17 EPS
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
PJSC MTS (NYSE: MBT) announced today that it has sold its 50.01% stake in the telecommunications operator Universal Mobile Systems (UMS) to the State Unitary Enterprise Centre of Radio Communication, Radio Broadcasting and Television of The Ministry of Development of Information Technologies and Communications of the Republic of Uzbekistan.
"Due to a variety of business reasons and other circumstances, MTS decided to sell its stake in the joint venture UMS LLC," said MTS vice president, and director of the Foreign Subsidiaries business unit, Andrei Smelkov.
Due to the sale of its stake in UMS, MTS expects to record a write-off in respect of assets of approximately RUB 3 bln in Q3 2016. The precise amount of the write-off will be specified afterwards.
On September 23, 2014, MTS received 50.01% of the share capital of UMS at no cost. The remaining 49.99% of UMS was owned by the State Unitary Enterprise Centre of Radio Communication, Radio Broadcasting and Television of The Ministry of Development of Information Technologies and Communications of the Republic of Uzbekistan. The mobile communications network began commercial operations on December 1, 2014.
* * *
For further information, please contact in Moscow:
Joshua B. Tulgan
Director, Department of Corporate Finance and Investor Relations
Mobile TeleSystems PJSC
Tel: +7 495 223 2025
Learn more about MTS. Visit the official blog of the Investor Relations Department at http://www.mtsgsm.com/blog/
* * *
Mobile TeleSystems PJSC ("MTS" - NYSE:MBT; MOEX: MTSS) is the leading telecommunications group in Russia, Central and Eastern Europe. We provide wireless Internet access and fixed voice, broadband and pay-TV to over 100 million customers who value high quality of service at a competitive price. Our wireless and fixed-line networks deliver best-in-class speeds and coverage throughout Russia, Ukraine, Armenia, Turkmenistan, Uzbekistan and Belarus. To keep pace with evolving customer demand, we continue to grow through innovative products, investments in our market-leading retail platform, mobile payment services, e-commerce and IT solutions. For more information, please visit: http://www.mtsgsm.com.
* * *
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.
* * *
 Subsequently renamed as The Ministry of Development of Information Technologies and Communications of the Republic of Uzbekistan
SOURCE Mobile TeleSystems (MTS)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- NYSE to Suspend Trading in MGT Capital Investments (MGT); Will Move to Delist
- China Approves Abbott's (ABT) Acquisition of Alere (ALR)
- Wipro (WIT) to Acquire Appirio in $500M Deal
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!