23rd Nov 2012 15:04
Presidential Decree on Renaming of MRSK Holding and Inclusion of Government's Stake in Federal Grid Company into MRSK Holding
Federal Grid Company of Unified Energy System ("Federal Grid" or the "Company", Moscow Exchange, LSE: FEES), the operator and manager of Russia's unified electricity transmission grid system, today announces that on 22 November 2012 the President of the Russian Federation Vladimir Putin signed a decree "On Open Joint Stock Company Russian Grids".
The decree stipulates that MRSK Holding should be renamed into OJSC Russian Grids and that a 79.55% stake in Federal Grid currently owned by the Russian Federation should be included in the share capital of OJSC Russian Grids by the way of payment for additional shares to be issued by OJSC Russian Grids by the Russian Federation.
The Russian Federation's ownership in JSC Federal Grid Company should not fall below one share.
According to the decree, the above initiatives should be completed by 30 June 2013.
The Company will provide further clarification on all stated initiatives in the decree in due course.
A Coordination Committee, chaired by Federal Grid Management Board Chairman Oleg Budargin, has been created to oversee implementation of the decree.
Enquiries:
Contacts
| ||
Investors / Analysts | ||
Federal Grid IR team | Work | Mobile |
Alexander Duzhinov | +7 (495) 710 9064 | +7 (916) 041 8053 |
Nadezda Sukhova | +7 (495) 710 9541 | |
Egor Toropov | +7 (495) 710 9333 ext. 2275 | |
Vladimir Baklanov | +7 (495) 710 9333 ext. 2926 | |
International Media | ||
M:Communications | ||
Tom Blackwell | +7 (495) 663 8009 | +7 (919) 102 9064 |
Sam VanDerlip | +44 20 7920 2356 | +44 7554 993 032 |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, including high voltage transmission lines, and holds the status of a natural monopoly.
The Company's assets include more than 124,000 km of transmission lines and 854 substations with more than 322 GVA of 35-750 volt transformer capacity. Based on the length of transmission lines and installed transformer capacity, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services. It maintains and develops the grid system and supervises grid facilities and infrastructure in 73 Russian regions, covering a territory of 13.6 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises.
Since January 1st 2010, Federal Grid has operated under a 5-year regulatory asset base (RAB) model.
The Company was incorporated in June 2002 as part of the reorganization of Russia's electrical power industry. The largest shareholder, with a 79.55% stake, is the Russian Federation Government.
Federal Grid Company's ordinary shares are listed on the MICEX-RTS stock exchange under the ticker symbol FEES and the Company's GDRs are traded on the London Stock Exchange under the same FEES ticker symbol. The Company's shares are included in the MSCI Emerging Markets and MSCI Russia indices.
In 2011 the Company's IFRS revenue was RUB 139,571 million (up 23% compared to 2010), adjusted EBITDA was RUB 83,760 million (a 24% increase from 2010), and adjusted net profit was RUB 38,241 million (up 37% on 2010).
Further information can be found at www.federal-grid.com
Related Shares:
FEES.L