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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 announced intention to sell a 3% stake in INTRACOM TELECOM.
SITRONICS signed a conditional agreement with RYDRA TRADING COMPANY regarding the sale.
In case of the completion of the transaction, SITRONICS’ ownership in INTRACOM TELECOM will decrease from 51% to 48%. This transaction is in line with SITRONICS’ intentions to reduce its debt level and to deconsolidate the financial results of INTRACOM TELECOM, which can take place only upon implementation of certain measures regarding control of INTRACOM TELECOM.
Completion of the sale transaction is subject to execution of additional binding documents and receipt of consents, as well as necessary corporate and regulatory approvals.