OJSC Sitronics acquired 25.1% of the shares in OJSC Intellect Telecom, Sitronics informed.
Following this transaction Sitronics's stake in Intellect Telecom increased to 50.046% from 24.9457%.
It will be recalled that Sitronics acquired a 24.95% equity stake in Intellect Telecom in June 2011.
Also, Russia's Federal Antimonopoly Service granted the application of OJSC Moskovskaya Gorodskaya Telefonnaya Set (MGTS, English: Moscow City Telephone Network) for buying 50.0461% of the voting shares in OJSC Intellect Telecom. MGTS which currently owns 49.95% of Intellect Telecom shares will become the target company's sole owner if the transaction is successfully completed.
OJSC Sitronics (tax number: 7735116621) provides solutions for telecommunications, IT and microelectronics in Russia, the CIS countries, Central and Eastern Europe, in the Middle East and Africa. The company was established 2002. The authorized capital of Sitronics is RUB 9.547 billion. OJSC RTI (a subsidiary of JSFC Sistema) owns 100% of Sitronics shares.
The principal assets of Sitronics are located in Moscow, Prague and Athens (telecommunication solutions), Kiev (IT solutions), and Zelenograd (microelectronics).
US GAAP net loss of Sitronics for 2012 increased by 38.3% to $119.976 million from $86.728 million for 2011. Consolidated revenue decreased by 38.7% to $903.494 million from $1.475 billion.
According to the information and retrieval system DataCapital, RAS net loss of Sitronics for H1 2013 decreased by 1% to RUB 524.555 million from RUB 529.916 million for the same period in 2012, revenue 24.3-fold to RUB 10.829 million from RUB 262.663 million.
Intellect Telecom (tax number: 7705772256) founded 2006 is JSFC Sistema's innovation research center for advanced technologies and industrial applications. The authorized capital of Intellect Telecom is RUB 970.106 million represented by 970,106,080 common shares at par value of 1 ruble. OJSC MGTS owns 49.95%, OJSC Sitronics 50.046% of company's shares.