IDGC Holding, STS Corporation to exchange shares in 2013 - Kurganenergo chief
KURGAN. Oct 3 (Interfax) - A power company share swap deal between OJSC IDGC Holding and LLC STS Corporation should be completed in 2013, OJSC Kurganenergo CEO Danil Anuchin said in an interview with Interfax.
After the share swap OJSC Kurganenergo and OJSC EnergoKurgan are expected to merge, he said. Once all corporate procedures are complete the companies will operate as a sole company.
"There may be an additional share issue by OJSC Kurganenergo." These decisions will be finalized depending on the company shareholder meetings," Anuchin said.
The IDGC Holding board approved a proposal from STS Corporation to exchange 78.89 million Kurganenergo shares (IDGC Urals owns 49%) for 81.12 million common and 22.75 million preferred shares in Lenenergo , which the Corporation owns, with the latter also paying 800 million rubles.
The Federal Antimonopoly Service in August approved a request from STS Corporation to obtain 100% of Kurganenergo voting shares.
OJSC Kurganenergo transmits electricity through 0.4-110 kV distribution grids totaling 27,000 km. The company has three branches - Kurgan, Western and Shadrinsky electricity grids.
Kurganenergo charter capital is almost 161 million rubles, split into 146.6 million common shares and 14.39 million preferred shares with par value of 1 ruble each. OJSC IDGC Urals owns 40% of charter capital (53.81% of common shares), the Regional Energy Development Fund owns 19.82%, Razvitie Fund - 19.31% and LLC Management Consulting - 10.96%.
OJSC Lenenergo is the largest regional electricity grid company in northwest Russia. It provides electricity to an area of 87,100 square kilometers and a population of over 6 million. The Lenenergo grid is made up of 38,800 km of overhead power lines, almost 16,000 km of cable routes and more than 13,800 substations.
Lenenergo has charter capital of 1.02 billion rubles, split into 926.02 million common and 93.26 million preferred shares with par value of 1 ruble each.
The company completed placement of an additional share issue in August. It placed 209.04 million common shares (76.6% of the total issue) at 14.56 rubles per share and raised 3.04 billion rubles.
STS Corporation provides electricity and thermal energy. It manages OJSC EnergoKurgan, OJSC Suenko (Tyumen region) and OJSC Gorelektroset (Khanty Mansiysk Autonomous District). It is headquartered in Tyumen.