17th Jun 2013 11:57
Russian Government stake in Federal Grid Company transferred to Russian Grids
17 June 2013, Moscow- Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (Moscow Exchange, LSE: FEES), announces that on 14 June 2013 the Russian government's stake in Federal Grid Company, previously held through the Federal Property Management Agency (Rosimuschestvo), has been transferred to Russian Grids, OJSC ("Russian Grids"). As a result, Russian Grids now holds a 79.64% stake in Federal Grid Company.
In accordance with the decision taken at the Russian Grids general shareholder meeting on 6 May 2013, following the completion of the transfer of shares Federal Grid Company's authority to act as managing company through exercising the powers of the sole executive body ceased.
Additionally, Oleg Budargin, Chairman of the Management Board of Federal Grid Company, has been appointed General Director of Russian Grids. The appointment was approved by the government and Presidential Administration and on 14 June 2013 was accepted by the Board of Directors of Russian Grids.
Enquiries:
Contacts | ||
Analysts / Investors | ||
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 | Work | Mobile |
Tom Blackwell | +7 (495) 363 2841 | +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. Company operates over 131,000 km of transmission lines and has over 334 GVA of installed transformer capacity. Based on the length of transmission lines and transformer capacity in place, 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 75 regions of Russia, covering a territory of 14.8 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. The Company is a natural monopoly with 79.64% stake controlled by the Government of Russia.
Federal Grid Company was incorporated in June 2002 as part of reorganisation of Russia's electrical power industry.
Federal Grid Company's common shares are included on the MICEX-RTS stock exchange underthe ticker FEES and the Company's GDRs are listed on the London Stock Exchange and traded under the same FEES symbol.
In 2012 the Company's IFRS revenue was RUB 140,313 million, adjusted EBITDAwas RUB 82,133 million, and adjusted profit for the period was RUB 29,956 million.
Further information can be found at www.federal-grid.com
Related Shares:
FEES.L