Sistema increases NIS stake to 70%

Sistema has increased its stake in federal navigation operator Navigation Information Systems (NIS) from 51 percent to 70 percent, through an acquisition of an additional issue of NIS shares. Sistema paid for the shares by contributing its 51 percent stake in M2M Telematics to the charter capital of NIS. As a result of the transaction, NIS holds a controlling stake in M2M Telematics.