July 2, 2018 / 7:08 AM / 2 years ago

BRIEF-Russia's Sistema says to retain effective control over MTS

July 2 (Reuters) - Russian industrial conglomerate Sistema says:

* Sistema Group’s effective stake in MTS will not change materially as a result of MTS’s share buyback programme, and Sistema Group will retain effective control over MTS

* During the programme, which was launched on July 2 and will be effective during two years, MTS’s subsidiary LLC Bastion plans to acquire shares and American depositary shares of MTS in the open market

* Sistema Finance may sell ordinary shares of MTS in the amount calculated based on the number of shares to be bought by the purchaser in the open market in proportion to Sistema Group’s effective equity stake in MTS (50.0048 percent as of July 2, 2018) Source text for Eikon: Further company coverage: (Reporting By Moscow Newsroom)

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