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Monday, 13 February 2006
SITRONICS AND INTRACOM HOLDINGS CONFIRM CO-OPERATION PLANS
Moscow, Russia and Athens, Greece - February 13, 2006 - Concern SITRONICS, the technology arm of Sistema (LSE: SSA), and INTRACOM HOLDINGS (ASE: INTRK) today announced that the companies have reached a non-binding agreement in principal for the acquisition by Concern SITRONICS of a 51% stake in INTRACOM TELECOM for approximately EUR 120 million.
Completion of this transaction is subject to a number of conditions, such as completion of Concern SITRONICS' financial and legal due diligence, negotiation of a share purchase agreement and a shareholders' agreement and obtaining the necessary corporate and governmental approvals.
INTRACOM TELECOM is a fully owned subsidiary of INTRACOM HOLDINGS providing complete telecommunications solutions and services in the EEMEA (Eastern Europe, Middle East and Africa) region. INTRACOM TELECOM possesses and manufactures a portfolio of products in the areas of broadband fixed and wireless access and transmission systems as well as content delivery systems (IPTV, triple-play). Concern SITRONICS would seek to integrate the company into its Infocommunications Division, whose primary focus is currently on switching equipment, billing systems and NGN, and realize potential synergies from the company's complementary product lines, system integration capabilities and customer base.
For further information, please visit www.sistema.com, www.koncern.ru, www.intracom.com,
or contact:
Sitronics Public Relations |
Sistema Investor Relations |
Shared Value Limited |
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Intracom Holdings |
Intracom Holdings |
Intracom Holdings |
Intracom Holdings |
About SISTEMA
Sistema is the largest private sector consumer services company in Russia and the CIS, with over 50 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$ 5.4 billion for the first nine months of 2005, and total assets of US$ 12.1 billion as at September 30, 2005. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
About CONCERN SITRONICS
Concern SITRONICS, headquartered in Moscow, Russia is the technology arm of Sistema active in four core segments: Telecom equipment manufacturing & software development (Infocommunication Technologies), Information Technologies, Microelectronic Components, Consumer Electronics.
About INTRACOM HOLDINGS
INTRACOM was founded in 1977, listed on the Athens Stock Exchange since 1990 and included in the FTSE/ASE-20 LargeCap index. On December 2005, INTRACOM has been reorganized, creating INTRACOM HOLDINGS, one of the largest Greek multinational Groups investing in telecommunications, e-government, banking and enterprise, defence electronic systems and constructions. The Group's most important subsidiaries are: INTRACOM TELECOM, INTRACOM DEFENSE ELECTRONICS, INTRACOM IT SERVICES, INTRAKAT and H.O.L. INTRACOM HOLDINGS, as a Group, has 5.450 employees, exports in 60 countries and operates subsidiaries in 16 countries.
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 Sistema. 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 similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend 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, as well as many other risks specifically related to Sistema and its operations.