PRESS RELEASE: Sistema Appoints Rajiv Mehrotra to its Board of Directors During Annual General Meeting of Shareholders
New Delhi, India – July 1, 2009: VNL today announced the appointment of Rajiv Mehrotra, Chairman, Founder and CEO of VNL, to the Board of Directors of Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries. The appointment was confirmed at their Annual General Meeting of shareholders on June 27, 2009.
The shareholders approved the election of three new members to the Board of Directors: Rajiv Mehrotra, member of the Board of Directors of Sistema Shyam Teleservices, Leonid Melamed, President and CEO of Sistema, and Robert Kocharyan, an independent director. The Board of Directors now comprises four independent non-executive directors and consists of 13 members.
“This is indeed a privilege. I see this as an opportunity to take the dynamism of our experience in India to our partners abroad and I look forward to contributing immensely to Sistema’s huge telecom business across the world,” Mehrotra said, “I look forward to exciting times ahead.”
VNL (www.vnl.in) is substantially changing the way operators will build networks in the future. As the innovator of zero opex networks and the pioneer of microtelecom, their simple to install solar powered cellular base stations help mobile operators maximize their profit margins by reaching rural markets profitably. The management team includes telecom industry veterans with vast experience in bringing products and services to entirely new markets. Its Chairman and founder, Rajiv Mehrotra, started the Shyam Group of companies and established some of the earliest GSM, CDMA and fixed networks in India serving millions of people today.
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. Founded in 1993, the company reported revenues of US$ 16.7 billion and US$ 2.8 billion for the full year 2008 and the first quarter of 2009 respectively, and total assets of US$ 27.1 billion as at March 31, 2009. Sistema’s shares are listed under the symbol “SSA” on the London Stock Exchange, under the symbol “AFKS” on the Russian Trading System (RTS), under the symbol “AFKC” on the Moscow Interbank Currency Exchange (MICEX), and under the symbol “SIST” on the Moscow Stock Exchange (MSE).
For more information, visit the company website at www.vnl.in or contact VNL’s PR representative Bridget Fishleigh (+44 7946 342 903, email@example.com or Skype: bridgetfishleigh).