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Kuzbassenergo OAO Sells Barnaul Heat Grid Co to Its Spin-off for RUB 706 Million-Interfax

Monday, 31 Dec 2012 12:31am EST 

Interfax reported that Kuzbassenergo OAO (OJSC Kuzbassenergo) (TGK-12, part of Siberian Generating Company) sold shares in Barnaul Heat Grid Co to OJSC Barnaul Generation, TGK-12 said in a statement. The agreement for the transaction was signed on December 28. Therefore, 100% of the shares in Barnaul Heat Grid Co, 10 billion shares, will be transferred to Barnaul Generation, which was created after TGK-12's reorganization. The face value per common share comes to RUB 0.01. The transaction comes to RUB 706.216 million, or 2% of Kuzbassenergo OAO's total asset value as of September 30. The shares might be paid for in parts. At the same time, TGK-12 should receive the funds no later than April 1, 2013. It was earlier reported that Kuzbassenergo OAO's Kemerovo and Barnaul heat grid companies would be spin-off into newly former gen cos based on their location. 

Company Quote

-0.0020 -1.64%
21 Sep 2012