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AFK Sistema head distributes 1% of shares among top management

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MOSCOW, December 9 (RIA Novosti) - Vladimir Yevtushenkov, the president and main shareholder of AFK Sistema, one of Russia's largest holding companies focused on telecommunications, distributed Friday 1% of his shares among the company's directors and top management, the company said in a statement.

Aleksei Kurach, the head of the company's investor relations department, said the current market capitalization of AFK Sistema was about $10 billion, and, therefore, the value of 1% of shares totaled about $100 million.

"The shares were distributed for free," Kurach said. "This was a motivating step to raise work effectiveness."

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