Sitronics may be delisted in 1-2 months - Shamolin
ST. PETERSBURG. June 21 (Interfax) - Sitronics , which is in the process of merging with OJSC RTI , may be delisted in the next one to two months, Mikhail Shamolin, the chief of AFK Sistema , which owns RTI, told the press on the sidelines of the St. Petersburg International Economic Forum.
"Integration is moving forward and is getting closer to completion. We will complete this [delisting] in one or two months, and definitely by the end of the year," he said.
OJSC RTI recently completed acquisition of 36.41% (476.22 million common shares) in OJSC Sitronics in an offer made to minority shareholders.
RTI has now increased its stake in Sitronics from 63.074% to 99.48%.
RTI now plans to begin a squeeze out process, as envisaged in Russian legislation, for the remaining shareholders.
RTI also plans to discuss with Sitronics delisting procedures for shares and depository receipts from the Russian stock exchanges and the London Stock Exchange (LSE).
The offer terms were 0.55 rubles per share and $0.92 per GDR. The offer was taken up by 97% of ADR holders.
Sitronics issued GDR on the LSE in February 2007 (one GDR is equivalent to 50 shares) at the lower end of the price range - $12. Since then company capitalization has plunged.
The biggest institutional investor in Sitronics was JPMorgan Asset Management - funds under its management owned 7.2% of Sitronics on December 31 2011. JPMorgan became a shareholder during the Sitronics IPO, a source close to the fund told Interfax.
AFK Sistema - Ecu Gest Holding held another 0.9%.
Among the Sitronics managers, Vice President Gennady Krasnikov had the largest share of 1.77%. Sitronics President Sergei Aslanyan owned 0.69%.
Sitronics charter capital totals 9.5 billion rubles, split into 9.55 billion common shares with par value of 1 ruble.
AFK Sistema established RTI at the start of 2011 and obtained 84.6% of shares. Bank of Moscow acquired 15.4%.