Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Sitronics Restructuring Approved

Russian conglomerate Sistema has approved a plan for restructuring the high-tech assets that are part of its subsidiary Sitronics, Interfax reported Monday.

Sitronics' sole owner RTI, which is controlled by Sistema, will consider spinning off two new companies from Sitronics — Sitronics-N and RTI Microelectronics, Sitronics said in a statement.

Sistema owns 84.6 percent of RTI and the Bank of Moscow holds the other 15.4 percent. Sistema previously planned to buy Sitronics and 50 percent in systems integrator NVision Group from RTI in order to directly manage three high-tech assets — RTI, Sitronics and NVision — but the company's plans later changed.

The goal of the current restructuring is to split Sitronics' business into two groups of assets operating in different segments of the market, a spokesman for Sistema said.

Read more