Gazprom Energoholding to put off IPO, not planning share consolidation
HONG KONG. Feb 3 (Interfax) - Gazprom Energoholding (GEH) will postpone its planned initial public offering and is not currently planning to convert to one share, the head of the Russian power company, Denis Fyodorov said at a presentation for investors in Hong Kong.
He said the company still has plans for an IPO. It was previously planned for 2016-2017, years in which GEH companies could have strong earnings before interest, tax, depreciation and amortization (EBITDA) thanks to the implementation of investment programs.
"We will probably be forced to push it back, since we're not happy with the current situation, Fyodorov said.
He also said there are no plans to transition to a common share. "We have blocking shareholders at TGK-1 and at Mosenergo , they are Fortum and the Moscow [city] government. Obviously, in the current market situation, which does not reflect the fundamental value of the companies, I don't think that anyone will want to divest shares. I can't currently say that we will transition to a common share," Fyodorov said.
