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28 February 2008 - Russian electricity producer TGK-13 is to float new shares in Russia and abroad, and its parent company said it could float an extra 14.25 per cent of TGK-13 from its own stake.
Reuters reports that the new shares to be issued equal up to 18.95 per cent of TGK-13's equity capital and the stake of the parent company, former electricity monopoly Unified Energy System (UES) will drop to no less than 31.5 per cent after the sale.
UES's decision on whether to issue the extra shares from its own stake, which now stands at 56.5 percent, will depend on investor demand during the share offering, TGK-13 said in its statement.
TGK-13 expects to raise roughly 7bn roubles ($289.4m) from the sale of new shares, while the sale of both these new shares and those of UES could raise $540m to $550m.
The Siberian Coal and Energy, known as SUEK, holds 35 per cent of TGK-13 and plans to use its pre-emptive rights to buy more shares to at least preserve this stake.
SUEK and natural gas export monopoly Gazprom agreed on the terms this week for pooling their electricity assets into a holding company expected to be worth between $15bn and $16bn.
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