OREANDA-NEWS. On April 05, 2007 Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, announced that it has acquired an additional 9,75% stake in Sitronics (LSE: SITR), a leading provider of telecommunication solutions in Russia. As a result of the transaction, Sistema now owns 60% of Sitronics issued share capital, reported the press-centre of Sistema. The shares were acquired from Sistema subsidiary, ECU GEST HOLDING S.A. The acquisition of additional stake in Sitronics was made in accordance with current restructuring and planned consolidation of assets of the Group aimed at optimizing the ownership structure.


Sistema is the largest private sector consumer services company in Russia and the CIS, with over 65 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$7,5 billion for the first nine months of year 2006, and total assets of US$ 18,5 billion as at September 30, 2006. 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).