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 GLNASS 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.” Read More
