Ukrgidroenergo places $125 mln worth of add'l shares, boosting share capital almost 10-fold
KYIV. Oct 9 (Interfax) - Ukrgidroenergo has increased its share capital 9.4-fold from UAH 118.553 million to almost UAH 1.119 billion with the placement of UAH 1 billion (roughly $125 million) worth of additional shares.
The company press service said the aim of the capitalization is financing the completion of the first line at the Dniester hydroelectric pumped-storage power station (HPSPS).
The country's national commission for securities and the stock market provided the company with certification of its increased share capital at the end of last month.
"The Ukrainian Finance Ministry has effected the issue of domestic state loan bonds in the amount of UAH 1 billion with a three-year circulation period and an interest rate of 9.95% per annum, and used them on behalf of the government to pay for the additional JSC Ukrgidroenergo shares," the company said. This past July, Ukrainian President Viktor Yanukovich signed into law a bill allowing the government to issue the bonds for that purpose.
Ukrgidroenergo operates all hydroelectric power plants on the Ukrainian stretches of the Dnepr and Dniester rivers. Total capacity is 5,007.6 MW.
The Dniester HPSPS is being built in Chernivitsi Region. Its installed capacity in turbine mode, as per the project documentation, should be 2,268 mw, in pumping mode - 2,947 mw.
The official exchange rate for October 9: UAH 7.993/$1.