The board of JSFC Sistema, one of Russia’s largestpublic diversified financial corporations operating in the non-raw sectors of the economy, has approved the change of the legal structure of the company to an investment fund. Thus, as a part of this decision, four business units — telecoms, retail, energy and high-tech and IT companies — which were formed according to an industry-based principle will be phased out. In their places will be two major business units, called, “base assets” and “developing assets,” will be created based on the principle of assets maturity.
According to the board, these transformations were dictated by the need to switch the company from an operational holding model to an investment fund model.Created in 1993, JSFC Sistema today owns and/or manages assets in key economic sectors such as telecommunications, high technologies, insurance, real estate, banking, mass media and tourism. JSFC Sistema’s principal shareholder, founder and board chairman is Vladimir Yevtushenkov, who holds a 64.18% stake in the company.
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