OGK-2 board to vote on additional share issue and 2011 dividend recommendation on May 18
MOSCOW. May 16 (Interfax) - The board of directors at generating company OJSC OGK-2 plans to vote on several issues on Friday, May 18, including the agenda for the genco's annual shareholder meeting.
The genco said in its materials that the board plans to confirm recommendations on paying dividends for 2011.
OGK-2 almost halved its net profit according to Russian accounting standards (RAS) to 1.138 billion rubles in 2011. Sales revenue for 2011 increased by 17% to 61.387 billion rubles.
In addition, the meeting's agenda includes a decision on a proposal to shareholders to boost OGK-2's charter capital through an additional share issue. The company has still not released the details of the additional issue.
OGK-2 earlier said that an additional share issue would provide a source of investment but, following the merger with OGK-6, when the company also issued additional shares, a decision was made against an additional issue in favor of borrowing funds and project financing.
Following the merger with OGK-6, OGK-2 has installed generating capacity of about 18 GW. The company includes 8.7 GW of capacity of the original OGK-2 (Serov, Troitsk, Stavropol and Pskov district power plants, as well as Surgutskaya GRES-1 district power plant), and 9.2 GW of capacity at the liquidated OGK-6 (Ryazan, Novocherkassk, Kirishi, Krasnoyarskaya GRES-2, and Cherepovets district power plants).
Gazprom group owns 57.6% of the merged OGK-2.