GEH mulls IPO as holding company, not planning consolidation to single share
MOSCOW. April 7 (Interfax) - Gazprom Energoholding (GEH) is not planning to transition to a single share and will maintain its structure as a holding company, several participants in the company's Investor and Analyst Day told Interfax, citing CEO Denis Fyodorov.
If the company opts for an IPO it will be as a holding company, Fyodorov said.
After GEH is incorporated, it is considering an offering of primary shareholders, not shares from the stake held by Russian gas giant Gazprom , one of the participants said. The timing of a potential IPO has not been determined yet.
Fyodorov said earlier that there were plans to carry out an IPO in 2016-2017, and that investors could be offered 5%-10% of shares, but these plans were pushed back due to the market environment and the fact that the group's companies were undervalued.
There were also plans to convert to a single share, but this would require the approval of minority shareholders.