print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

February 14, 2012

Sistema increases its stake in NIS

Moscow, Russia – February 14, 2011 – Sistema JSFC (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has increased its stake in OJSC Navigation Information Systems (“NIS”) from 51% to 70% through an acquisition of an additional issue of NIS’ shares. Sistema paid for the shares by contributing its 51% stake in M2M Telematics LLC (“M2M Telematics”) to the charter capital of NIS. As a result, NIS holds a controlling stake in M2M Telematics.

Mikhail Shamolin, President and Chief Executive Officer of Sistema, commented: “As the GLONASS project has now reached the stage of active commercialisation, the shareholders of NIS decided to enhance the role of Sistema in managing NIS, a federal GPS network operator. Equally, control over M2M Telematics, the leader in the Russian market of transport monitoring, navigation and telematics, will provide NIS with additional sector expertise and know-how and will enable it to take advantage of synergies for future development of its services based on the GLONASS system.”

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer