OREANDA-NEWS. February 04, 2011. Sistema (the “Group”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in, and is a major shareholder of, companies operating in different industries, announced the creation of OJSC RTI with an investment from the Bank of Moscow, reported the press-centre of Sistema.

Sistema will contribute its 97% stake in OJSC Concern RTI Systems, as well as RUB 2.88 billion (approximately USD 97 million) in cash to the new entity’s charter capital, while the Bank of Moscow will make a RUB 3 billion (approximately USD 100 million) cash contribution. As a result, the Bank of Moscow will receive a 15.4% stake in RTI, while Sistema will control 84.6% of the new entity.
 
Sergey Boyev, Vice President of Sistema and Chairman of Concern RTI Systems, commented: “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.”