IDGC Holding plans to attract strategist for Kubanenergo within 2-3 yrs
MOSCOW. April 16 (Interfax) - Russia's Inter-District Grid Company Holding (IDGC Holding) plans to attract a strategic shareholder to the capital of its subsidiary OJSC Kubanenergo within two to three years, the holding's deputy head Alexei Demidov told journalists.
Company shares could be sold both directly to the strategic shareholder and through the stock exchange, he said. They will be sold at a price no lower than the one at which IDGC Holding currently buys Kubanenergo stock from Rosneft structure RN Energo. Demidov did not specify the size of the stake.
"Kubanenergo's capital structure has to be improved, and later a strategic investor needs to be brought in," he said.
At the moment, Kubanenergo's investment program is being implemented predominantly with the help of shareholder equity injections by the government, Demidov said, adding that "the company is in crisis." Kubanenergo needs further financing through capital; however, one of its current shareholders - RN Energo - is not interested in the company's development. For this reason, RN Energo is selling its stake to IDGC Holding, he said.
A stake could be sold to a strategist after Kubanenergo finishes building energy facilities in preparation for the Olympics, as well as after it receives fair tariff-balance decisions.