Kuzbassrazrezugol Holding to Set Up Coal Assets
Kuzbassrazrezugol is apparently verging towards great changes in structure. Instead of being part of a holding, the coal strip mines will become affiliates of a single company. The EGM of Kuzbassrazrezugol Holding (KRU Holding) voted for taking over subsidiary Bachatsky Coal Strip Mine and for renaming the company to Coal Assets. In the next move, all coal assets of Kuzbassrazrezugol Coal Co. (KRU) could be piled up under the same name. Mikhail Abyzov, former deputy chairman at RAO UES of Russia, will be in charge of reorganization.
Now the companies affiliated to Iskander Makhmudov control nearly 95-percent stake in KRU, which has actually amassed all coal production of the group (over 41 million tons in 2004). KRU Holding has retained the service firms. There was time when the sale of the holding seemed impending, but the bosses preferred the other way out. Mikhail Abyzov, former deputy chairman at RAO UES of Russia, was called in to head July-incorporated Kuzbassrazrezugol Asset Management Co. (KRU Asset Management Co.). By hearsay, Abyzov owns nearly half of the KRU stocks. He got them by selling to KRU owners a similar stake in Novosibenergo. In KRU, however, they deny Abyzov’s interest in the stock capital, claiming he was attracted as a turnaround manager exclusively.
Andrey Bokarev, who chairs BOD of KRU, pledged not long ago that the company’s reorganization would begin in late summer. The authority of KRU-Invest – the sole executive body for the companies of the group – expires September 19, 2005. KRU Asset Management Co. may get down to business by that date, triggering the structural upheaval for the coal holding.
Heading for reorganization, the EGM of KRU Holding resolved on September 6, 2005 to take over subsidiary Bachatsky Coal Strip Mine to further establish Coal Assets Co. The joint meeting of KRU Holding and Bachatsky, where the holders will create a new company and elect the management, is slated for September 9, 2005.
“The holders’ decision is the first step en route to transferring the company from the holding structure of management, which provides for the operation of coal strip mines as entities, to the operating structure of management, which unites the mines as company’s affiliates with the single center of business planning and production programs and with the common budget,” Abyzov told Kommersant Tuesday, specifying that reorganization will improve production in the most efficient coal companies.
by
www.kommersant.com
All the Article in Russian as of Sep. 07, 2005
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