Shyam Telelink, which recently sold 10 per cent stake to Russian private sector consumer services company JSFC Sistema for $11.4 million, will now sell an additional 41 per cent stake to the same company for an expected $58.1 million.
Sistema has signed a share purchase agreement with Shyam Telelink for the acquisition of new stake. The agreement includes a call option which gives Sistema the right to purchase a further 23 per cent stake in Shyam Telelink during a 20month period following the acquisition of 51 per cent stake. If the call option is not exercised within 30 months, Sistema will be obligated to pay Shyam Telelink an amount equal to 11.5 per cent of the increase in the latter’s market value over the 30-month period.
