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Rosseti OAO May Buy 22% of Kuban'energo OAO-Interfax

Monday, 27 May 2013 12:59am EDT 

Interfax reported that the Board of Directors at Rosseti OAO (Rosseti) has recommended that its shareholders vote at their Annual General Shareholders’ Meeting (AGM) in favor of the purchase of 22% of the stock in Kuban'energo OAO (Kubanenergo) from subsidiary OJSC Tyumenenergo. Rosseti is acquiring 30,926,801 Kubanenergo shares par value RUB 100 apiece for RUB 157.8. The total price tag will top RUB 4.88 billion and will be paid in cash. The board also recommends the shareholders approve the purchase of not more than 75,665,568 shares, 35.5% of total volume, of an additional Kubanenergo issue for RUB 121.82 per share for not more than RUB 9.217 billion in all. That includes 70,247,694 shares for RUB 8.557 billion under preemptive rights and up to 5,417,874 shares subsequently. Raised funds of not over RUB 7.43 billion will be used at Kubanenergo to finance facilities associated with the 2014 Olympics in Sochi and RUB 1.787 billion to finance Black Sea coast power facilities in Krasnodar Territory. Kubanenergo shareholders voted in favor of the additional issue at their late-March AGM. Kubanenergo intends to place in open subscription 214,877,270 shares at RUB 121.82 each, so more than RUB 26.176 billion could be raised. 

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0.0050 +0.65%
30 Dec 2013