Volga TGK to buy Interpromotrade shares from Renova Industries for 12.6 bln rubles
MOSCOW. May 19 (Interfax) - The board of directors of genco OJSC Volga TGK has approved a buy-sell agreement to purchase shares of Interpromotrade from Renova Industries, according to Volga TGK materials.
Volga TGK will buy 590 shares of Interpromotrade, or 59% of the company's capital. Volga TGK will pay no more than 12.6 billion rubles for the shares, less VAT.
Interpromotrade owns 100% of LLC Russian Utility Systems Holding either directly or indirectly, as well as a number of other companies that are part of the holding. This includes IES-Engineering, CJSC Novaya Gorodskaya Infrastructura, OJSC IES-Management and 74.99% of LLC Volga Communications Systems.
Viktor Vekselberg's IES-Holding is the majority stockholder in the genco. OJSC Inter RAO UES became a large stockholder in early 2011, securing 32.44% of shares in an additional issue.
TGK-7's largest shareholder is IES Holding, owned by Viktor Vekselberg. Previously, Inter RAO UES owned stake in TGK-7, but the company finalized a deal last week to sell its stake to companies owned by Leonard Blavatnik and Vekselberg.