Intracom Holdings SA (INTRK)'s Chairman Socrates Kokkalis comments on an agreement with Russia's AFK Sistema. Sitronics, Sistema's technology arm, will pay about 120 million euros ($143 million) for the controlling stake of Intracom's telecom unit. Kokkalis was speaking to shareholders in Athens.
On the deal with Sistema:
``The business value of the deal was estimated to be 440 million euros, while the price will be 120 million euros because there are also loans and other obligations.
``Sitronics will incorporate Intracom telecom into their general program of strategic development, which is info- communications, in all the countries in which we will expand.
On further cooperation:
``There are plans for further cooperation, which are just as important, if not even more important. Any details will be announced at a further time.
``Greece isn't enough any more to materialize what we have in mind and where we want to lead the company.
``Sistema is a company that has a strategy of development that is exactly what we are looking for: To develop in Russia, countries of the former Soviet Union and internationally, such as in Europe, America, and Asia.
On research and development:
``It will give us the opportunity to develop and to participate in the international business environment with more opportunities and better prospects.
``Sistema is interested in developing in the area that we are working. It has a large capacity to support research and development
``A new era has started for our company. I am now very optimistic about the development of Intracom telecom and Intracom in general.''
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