MOSCOW--(BUSINESS WIRE)--
JSC SITRONICS (“SITRONICS” or “the Company”) (LSE: SITR), the leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, announces that, as a result of squeeze-out procedure, OJSC RTI (“RTI”) completed and fully paid for the acquisition of 49,139,078 of SITRONICS' ordinary shares, including shares underlying the Company’s Depositary Receipts, comprising approximately 0.52% of SITRONICS' share capital. Following the acquisition of 99.48% of SITRONICS’ share capital pursuant to its Voluntary Tender Offer, RTI launched the statutory squeeze-out procedure under Russian law to acquire the remaining 0.52% of the Company's ordinary shares from minority shareholders on June 26, 2012.
This brings RTI’s total ownership stake in SITRONICS to 100% of SITRONICS’ share capital.
As was previously announced, it is anticipated that delisting of SITRONICS from London Stock Exchange as well as the termination of its Depositary Receipt programs and Deposit Agreements will take place later today.
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For further information, please visit www.sitronics.com or contact:
| Irina Lanina | Olga Ovchinnikova |
| Vice President, | Investor Relations Director |
| Corporate Communications | Tel: +7 495 225 00 30 |
| Tel: +7 495 225 0030 | |
SITRONICS is the leading provider of telecommunication solutions, including software, equipment and systems integration, IT solutions and microelectronic solutions in Russia and the Commonwealth of Independent States with a strong presence in Central and Eastern Europe and a growing presence in the Middle East and Africa.
SITRONICS serves over 3,500 clients, maintains offices in 30 countries and exports its products and services to more than 60 countries.
SITRONICS’ key Telecommunication Solutions operations are based in Moscow (Russia), Prague (Czech Republic) and Athens (Greece), while the company`s IT Solutions and Microelectronics divisions are based in Kiev (Ukraine) and Zelenograd (Russia), respectively.
SITRONICS generated revenues of US$ 1,475.1 million for the full year of 2011 and had US$ 1,863.2 million of assets at the year end. SITRONICS is majority owned by OJSC RTI, which is the subsidiary of Sistema, the largest public diversified corporation in Russia and the CIS.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of SITRONICS. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other expressions. These statements are only predictions and actual events or results may differ materially. We do not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, and other factors specifically related to SITRONICS and its operations.