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Sistema establishes OJSC RTI with Bank of Moscow backing

By BFN News | 03:29 PM | Thursday 03 February, 2011

Sistema has set up OJSC RTI with an investment from the Bank of Moscow. Sistema will contribute its 97% stake in OJSC Concern RTI Systems, as well as RUB2.88bn in cash to the new entity's charter capital, while the Bank of Moscow will make a RUB3bn cash contribution. Bank of Moscow will receive a 15.4% stake in RTI, while Sistema will control 84.6% of the new entity. Sistema vice-president and Concern RTI Systems chairman Sergey Boyev said: "The Bank of Moscow joins Sistema as a partner in developing RTI Systems, one of Sistema's most important assets. "With the Bank of Moscow as an investor, we aim to implement RTI Systems' investment program, particularly with regards to large-scale state projects, including the development of geomatics and GLONASS systems, as well as to improve financial performance and raise the investment profile of OJSC RTI." Story provided by