MOSCOW, August 28 (RIA Novosti) - Shareholders of Sistema-Gals, an AFK Sistema (RTS: AFKS) arm dealing with real estate, decided Monday to increase the company's authorized capital through an additional issue of shares.
The company plans to place 5 mln shares with par value of 50 rubles ($1.85) each through closed subscription among its shareholders.
AFK Sistema President Alexander Goncharuk said in May Sistema-Gals would hold an IPO before the end of 2006 on the London Stock Exchange, as the company's capitalization was about $2-$4 bln.
He said the IPO would also be held on the Russian market.
AFK Sistema was founded in 1993. It includes companies operating in such areas as telecommunications, technology, insurance, real estate, banking, retail trade and mass media. The company's shares are listed on the LSE, the stock market of the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX).
