Rus News Journal

Sitroniks does not hasten from Greece

Sitroniks can remain the co-owner of the Greek manufacturer of telecommunication equipment Intracom Telecom. Applying for 51 % Intracom Chinese Huawei can redeem only 38 % of the company, the others of 13 % in that case remain at Sitroniksa .
that Sitroniks (64 % belong AFK System ) Considers possibility of sale of the share in Intracom Telecom companies Huawei, it became known in June of this year. As confirmed local mass-media, Sitroniks discusses sale of 51 % of the company (the rest at Intracom Holdings Group). In particular, business paper Capital. gr informed that Huawei it is interested in acquisition to 80 % Intracom Telecom. Now it is a question that Sitroniks can sell only 38 %, confirms a source close to the transaction.

negotiating process on Intracom Telecom between Sitroniksom and Huawei moves ahead, as it is planned, but any legally obliging documents between the parties it is not signed yet - have declared in a press - service Systems . But the source familiar with details of negotiations, confirms that, most likely, Sitroniks will sell Huawei about 38 % Intracom.

the Vice-president on corporate communications Sitroniksa Irina Lanina confirms: Negotiations are conducted with several participants of the market. Probably, the transaction will be closed by the end of the year . In a press - service Huawei have refused comments. In Intracom Telecom have not answered inquiry .

Intracom Telecom delivers the telecommunication equipment more than 100 companies in 50 countries. In 2010 gain Intracom Telecom has made $339 million, the general loss - $8,8 million, the general debt - $198 million

In 2006 Sitroniks has bought control in Intracom Telecom for 120 million At Sitroniksa also there was an option for the remained 49 %, but it has expired in June, 2011. To sell a share in Intracom, proceeding from a company estimation in 2006, Sitroniksu hardly it will be possible, the analyst " doubts; Uralsib the Capital Konstantin Belov. At the same time, having sold a share part in Intracom, Sitroniks ceases to consolidate a debt of this company on the balance, mister Belov adds. Dekonsolidatsija Intracom Telecom should make positive impact on the finance Sitroniksa to reduce a debt and to increase profitability of the company - analyst Unicredit Securities of Nadezhda Golubeva speaks. As appears from results Sitroniksa for the second quarter, margin OIBDA for six months 2011 has made 2,8 %, a total sum of loans on the second quarter 2011 end - $768,1 million except for a debt ($63,1 million) before joint venture Sitroniks - Nano .

the Partnership with Huawei gives Intracom Telecom chance for development, besides, Sitroniks divides with the Chinese company risks of business, madam Golubeva considers. For Huawei Intracom Telecom is a strategic active, she adds.

a segment gain Telecommunication decisions Sitroniksa where enters Intracom Telecom, for first six months 2011 has grown on 4 % - to $250,5 million It is the weakest growth in comparison with other segments of group - Microelectronics and Information technology . Sitroniks such result connected with economic recession in the market of Greece. In Telecommunication decisions the share of sales of the equipment for a wireless communication has made 21,5 % in a segment gain in the second quarter 2011 and 25,8 % for the first half of the year whereas the share of sales of the telecommunication software has made during the specified periods of 13,7 % and 16,3 % accordingly.