OREANDA-NEWS. May 5, 2010. JSC SITRONICS (“SITRONICS” or “The Company”) (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, announced that is has acquired the remaining 35% of the shares in LLC SITRONICS Smart Technologies (SST) from Giesecke&Devrient GmbH (G&D) in Germany, for a total consideration of RUB 101.9 million. The purchase price is equivalent to approximately 35% of the net asset value of SST. The Group now holds 100% of the company’s shares.

SITRONICS Smart Technologies is the leading Russian manufacturer of smart cards for telecommunications, banks, state companies and legal institutions, and had a 40% share of the Russian and Ukrainian market for SIM cards in 2009.

Sergey Aslanian, President of SITRONICS, said: “Our successful collaboration with G&D has been an important factor for the success of SITRONICS Smart Technologies, and the winning mix of technology from our German partner and our insight into customer demand and the Russian market has allowed us to become the market leader. This is a perfect example of the successful tailoring of foreign technologies to the Russian market. Giesecke&Devrient remains one of our vendors, together with a broad range of other world leading companies”.