RusHydro ready to give Asian investor up to blocking stake in RAO Energy System of East in 3-5 yrs
MOSCOW. Nov 21 (Interfax) - Russian power generating company OJSC RusHydro is ready to give an Asian investor up to blocking stake in RAO Energy System of East , RusHydro's Deputy Chairman George Rizhinashvili told journalists on Thursday.
He said this decision might be made after the consolidation of 100% of shares in RAO Energy System of East on RusHydro's balance sheet, though this is not a requirement. The company is not ruling out the possibility of selling its stake despite this fact.
"A duel track is possible, which is when an investor is brought in alongside the placement of the company's shares on the stock market," Rizhinashvili said.
At the same time, RusHydro believes it is wise to delist RAO Energy System of East from the Moscow Exchange .
Rizhinashvili did not say what the timeframe was for consolidation since this plan was linked to the confirmation of RusHydro's long-term development program, which was only approved by the company's board of directors on Thursday, November 20. He added that the company has not yet been able to reach an agreement with RAO Energy System of East minority shareholders of the sale of their stake.
Listing the Far Eastern holding on an Asian stock market is possible after RusHydro analyzes the results of its own listing in Asia.
The sale of stake in RAO Energy System of East is possible after the holding reaches its key development parameters, which could take 3-5 years, Rizhinashvili said.
