OREANDA-NEWS. Sistema (LSE: SSA), the largest consumer services company in the private sector in Russia and the CIS, on September 20 announced that, following the Extraordinary General Meeting of its Shareholders, which was held on September 17, 2007, the proposed split of the nominal value of the company's ordinary shares by 1,000 times was approved by a majority of 99.98% of the votes cast, Sistema's press-sevice reported.

As a result of the stock depreciation, the Company's share capital of RUB 868,500,000 will now comprise 9,650,000,000 ordinary shares with a par value of RUB 0..09 per share. In addition, the relevant amendments will be made to the Sistema's Charter to reflect the changes in the Company's share capital.

With its over 75 million customers Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported possessing total assets of $21.6 billion as of March 31, 2007. Sistema's shares are listed (under the symbol "SSA") on the London Stock Exchange, (under the symbol "AFKS") on the Russian Trading System (RTS), and (under the symbol "SIST") on the Moscow Stock Exchange (MSE).