London-listed Russian services conglomerate Sistema has issued a statement denying its ties to defense industries.
“Sistema notes recent erroneous media speculation regarding its ownership of RTI and Kronstadt. The Corporation reduced its shareholdings in RTI and Kronstadt below controlling level in July 2021 and has since completely divested from both companies. Sistema currently owns no stakes in any companies in the defense industry”- said it in a statement on its website.
RTI is a Russian company involved in production of microelectronics.
Kronstadt is a Russian high-tech company that engineers and manufactures knowledge-intensive products. The priority segment of Kronstadt Group is production of large-size unmanned aircraft.
Sistema’s core assets include stakes in NYSE-listed mobile operator MTS, one of Russia's largest e-commerce players Ozon, leading Russian healthcare network Medsi, a large timber holding Segezha Group, a real estate developer Etalon Group and a number of IT and high-tech companies. Sistema went public in London in 2005.
On March 4 the London Stock Exchange suspended trading of shares in Sistema in response to Russian invasion of Ukraine.
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