Sitronics to own 7% stake in UEC
The total UEC shares issue will amount to RUB 800 million (EUR 19 million). Sitronics claims that following the additional share issue, the company will own a 7% minority stake in UEC for a total amount of RUB 63 million (EUR 1.5 million).
As an investor in UEC, Sitronics will be involved in establishing the technology protocols and specifications for universal electronic cards, which will be issued to every Russian citizen since January 1, 2014. Sitronics is one of the major smart card solutions providers in Russia, who has been at the origin of UEC project as well.
The placement of the additional share issue is subject to regulatory approvals.