Inter RAO UES to Triple in Price
Holders of ZAO Inter RAO UES have passed the reorganization resolution for consolidating with certain power plants of RAO UES of Russia and some power plants controlled by state-run Rosenergoatom. As a result, the worth of Inter RAO UES will grow by more than three fold to $3.5 billion, the analysts speculate.
ZAO Inter RAO UES convened yesterday the meeting of holders that focused on the company’s reorganization. At first, Inter RAO UES will merge into Sochi Heat Power Plant (Sochi TETs). The latter will also take over OAO Inter RAO UES Holding, Kaliningrad Heat Power Plant (Kaliningrad TETs-2), North-West Power Plant (North-West TETs) and Ivanovskie PGU. For this purpose, Sochi TETs will release new stocks, which will be paid up by the stocks of respective companies.
Once the assets are consolidated, Sochi TETs will be renamed into OAO Inter RAO UES. According to Inter RAO General Director Evgeni Dod, both holders of the company, RAO UES and Rosenergoatom, voted for the reorganization.
Inter RAO UES is Russia’s monopolist for export and import of electric energy. It holds and manages energy assets in Armenia, Georgia, Moldova, Tadjikistan, Turkey, Kazakhstan and Russia (North-West TETs). RAO UES holds 60 percent in Inter RAO and Rosenergoatom owns 40 percent. Once the reorganization of RAO UES is completed July 1, 2008, the government will get roughly 30 percent in Inter RAO, and minority owners of the energy holding will have another 30 percent.
www.kommersant.com
All the Article in Russian as of Dec. 20, 2007
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