Atomstroyexport obtains Inter RAO shares as payment for additional issue
MOSCOW. Jan 12 (Interfax) - Russian nuclear power equipment and service export monopoly Atomstroyexport has received 7.3% of Inter RAO UES from state corporation Rosatom in payment for an additional issue to cover losses, the state corporation told Interfax.
The Federal Financial Markets Service registered the Atomstroyexport additional issue of 30 billion rubles for Rosatom to cover existing and estimated company losses (Atomstroyexport net losses in 2010 topped 7 billion rubles).
The cost of the acquired stake was estimated at Atomstroyexport at 25.8 billion rubles. As of January 11, its market value was around 23.9 billion rubles.
Before transferring the Inter RAO shares, Rosatom owned 13.4% of the power holding company. Other Inter RAO shareholders are: FGC UES with 20%, Norilsk Nickel with 14.2%, VEB with 5.4%, the Federal State Property Management Agency with 14.8%, RusHydro with 5.3% and Gazprom with 2%.
Earlier before the additional Inter RAO issue aimed at consolidating energy assets - Atomstroyexport was also a shareholder with 8.7%.
Atomstroyexport builds nuclear power plants abroad. The SPARK database shows that Rosatom is its main shareholder with 93.49%, another 3.25% belongs to heavy engineering group OMZ , All-Russian Production Association Zarubezhatomenergostroy owns 2.86% and fuel company TVEL owns 0.4%.
Atomstroyexport has posted losses since 2007, which it attributes to the completion at the end of the 90s - beginning of the 2000s of contracts such as the Bushehr NPP in Iran and Kudankulam in India.
Atomstroyexport is currently merging with one of three Rosatom engineering companies - Nizhny Novgorod Atomenergoproektom.
Inter RAO owns and manages generation facilities with total capacity of around 29 gigawatt and various energy distribution companies. It is a monopoly electricity export and import operator in Russia.