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JSC SITRONICS (SITRONICS) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, today announces the sale of a 25% stake in its subsidiary, LLC SITRONICS Smart Technologies (SST), to Comvision Rusland, a component supplier to Mikron since 2007, for the amount of RUB 249 million. As a result of the deal, SITRONICS has got a business partner with external expertise in the field of smart-cards.
Following the deal completion, SITRONICS’ ownership in SST decreased from 100% to 75%. In accordance with the agreement terms, Comvision Rusland has an opportunity to buy an additional 10% stake in SST in future.
SST is a leading Russian manufacturer of smart cards for telecommunications, banks, state corporations and legal institutions. It has about 60% share in Russian SIM card market.