Nera Telecommunications Ltd ("the Company") today announces that the Company has settled a claim in Malaysia, under which Nera Telecommunications has agreed to pay RM 850,000 (approximately NOK 1.6 million). The original claim was RM 41.2 million (approximately NOK 78 million), reference made to note 29 in Eltek's Annual Report for 2010.
For further information, please contact:
CFO Pål Skistad + 47 908 50 378
About Eltek ASA
Eltek is a strategic technology partner within power conversion solutions across a variety of industries including telecom, rail and infrastructure, power generation and distribution, solar energy and electric vehicles. Through the 50.1 percent owned subsidiary Nera Telecommunications Ltd in Singapore the Company is also a regional supplier of transmission systems, satellite communications and infocomm systems. Eltek reported revenue of NOK 4 billion in 2010, and has close to 2,900 employees in more than 40 countries. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.
About NeraTel
Nera Telecommunications offers radio transmission, satellite communications and infocomm equipment and services to the Asian markets. Headquartered in Singapore, NeraTel is 50.1 percent owned by Eltek ASA and separately listed on the Singapore Stock Exchange. The company counts more than 500 employees and reported revenue of NOK 834 million in 2010.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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Source: Eltek ASA via Thomson Reuters ONE
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