Sistema attracts loan from EBRD for 120 mln euros, buys 3% of Sitronics
MOSCOW. July 24 (Interfax) - AFK Sistema has attracted a three-year loan from the European Bank for Reconstruction and Development (EBRD) for 120 million euros to finance projects to be carried out by subsidiary Sitronics , Sistema said in a statement.
The loan could be extended by another year and is not secured, the EBRD said.
At the same time, Sistema purchased a 3.07% stake in Sitronics from the EBRD.
The EBRD acquired the stake in September 2006 and had a put option to sell the shares.
The parties did not disclose the cost of the transaction to buy the Sitronics shares.
OJSC Sitronics, formerly Science Center Concern, was formed in December 2002. The group includes Strom Telecom, Kvazar-Micro, Mikron and Kvant Production Association, and has a 51% interest in Greece's Intracom Telecom. Sitronics manufactures telecommunications equipment, micro-electronics, software and consumer electronics.
The EBRD became a Sitronics shareholder in the run-up to the company's initial public offering, paying Sistema $80 million for a 3.67% stake. The EBRD and Sistema signed the put option at this time.