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CEO says Rostec discusses joining assets in electronics with AFK Sistema

December 27, 2016, 3:15 UTC+3
The sides are discussing the prospects of setting up a joint company on the basis of several enterprises of Roseletronika (Rostec’s asset), RTI and Mikron (AFK’s assets)
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Rostec head Sergey Chemezov

Rostec head Sergey Chemezov

© EPA/SERGEI ILNITSKY

MOSCOW, December 27. /TASS/. Rostec state corporation is discussing with AFK Sistema joining assets in the sphere of electronics, Rostec head Sergey Chemezov told journalists on Tuesday.

"I do not rule out that other holdings ready for privatization may appear next year. In particular, we are working with the AFK Sistema company, Mr Yevtushenkov (chairman of the board of directors). We plan to join part of assets, in particular the assets related to electronics, communication systems," Chemezov said. "That is, we will join our assets and set up a joint company," he added.

The sides are discussing the prospects of setting up a joint company on the basis of several enterprises of Roseletronika (Rostec’s asset), RTI and Mikron (AFK’s assets) in the sphere of communications systems, he noted. However, it is yet hard to say what the ratio of shares will be like in the joint company, he added. "It will depend on what assets we contribute and what assets AFK Sistema contributes. It is possible that AFK may have a controlling (stake). Maybe we will have it. The aim is to join assets that are working on the similar types of products," Chemezov explained.

Talking about privatization of assets, he noted that a joint company with AFK Sistema will include Roselektronika that will be preliminarily "cleared" of some assets.

AFK Sistema may invest in the joint company, Chemezov noted. "AFK may [invest in the joint company] if they want to have a controlling stake and if their stake is assessed at a lesser level than ours. In order to get control, they will need to invest money. We will have nothing against it," he noted.

The press service of AFK Sistema refused to comment on this.

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