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Hospital Healthcare Europe

Sistema creates healthcare services holding

6 February, 2008  

Sistema, the largest public diversified corporation in Russia and the CIS, today announced that it has completed the integration of its Healthcare Services division’s assets into the Medsi Companies Group Holding, 100% owned by Sistema.

Sistema, which manages fast-growing companies operating in the consumer services sector, transferred to Medsi Group its 20% stake in MedExpress.

The stake comprises 26 clinics in Moscow and the regions and an ambulance service; 100% of American Hospital Group, a family clinic operating under the “American Medical Centres” brand for VIP clients and expatriates; and 53.3% of the Medsi clinic, an outpatient clinic for adults.

Sistema is investing RUB 900 million (US$36 million) in the creation of the holding. The additional share issue of Medsi Group totaled RUB 1.89 billion (US$77 million).

Medsi’s development strategy is to create a chain of 100 clinics by 2011.

The Medsi clinic and Medsi II reported revenues of US$ 17 million, the American Hospital Group US$ 6 million, MedExpress US$ 21 million and FMC US$ 12 million, as at December 2006.

Alexander Goncharuk, President and Chief Executive Officer, commented: “We are focused on implementing Sistema’s stated development strategy which includes priority development of its non-public assets.

“The healthcare services division is one of the key growth areas for us. I expect the newly created Medsi Group to become a leading player in the fast growing private healthcare services sector which demonstrates a high growth potential.”