MOSCOW. May 27 (Interfax-AVN) - Russia's AFK Sistema (RTS: AFKS) has signed an agreement on cooperation in the microelectronics industry with China Precision Machinery Import-Export Corporation (CPMIEC), Sistema said in a statement.
Under the agreement, CPMIEC will buy microelectronics products from Sistema affiliates, the two companies will set up a joint designer center to produce microelectronic schemes for various purposes and they will jointly promote GPS/GLONASS navigational products on the market.
In addition, CPMIEC will provide Sistema assistance in the creation and operation of a Chinese shopping center in Moscow and a Russian shopping center in China.
"The goal of the agreement is to develop cooperation on the Russian and Chinese markets in addition to third countries in the spheres of high technology and developer services," the statement says.
Sistema declined to provide any details of the agreement or the planned joint venture when contacted by Interfax.
Sistema is the largest private sector consumer services company in Russia and the CIS with over 80 million customers. Sistema founder and board chairman Vladimir Yevtushenkov is the company's largest shareholder with 64.2%, while 19% of the company's shares are traded on the London Stock Exchange.