RusHydro discusses joint share sale in privatization with minority holders
MOSCOW. Oct 24 (Interfax) - OJSC RusHydro , which operates the majority of Russia's hydroelectric power plants, is discussing with its minority shareholders a joint sale of stock in the context of privatization, management board chairman Yevgeny Dod told the press.
RusHydro is discussing with minority holders the possible sale of their stakes in the company at the same time the some of the state's stake in the company is sold off, Dod said. "If there is an interesting, constructive proposal, we're not ruling out that they [minority holders] will join up," he said.
The government is preparing to privatize part of its stock interest in RusHydro to reduce its stake to 50% plus one share in 2012. Dod has said, "Even though the market situation does not evoke optimism at the present time, we plan to keep to the earlier announced [privatization] timeframe."
The government holds 58.59% of the RusHydro stock, but the stake could well change before actual privatization. In August, the Federal Financial Markets Service (FFMS) registered an additional RusHydro share issue of 89 billion shares, and another additional issue, this one of 11 billion shares, is planned for 2012.
RusHydro's charter capital consists of 290,302,702,379 shares with par value of one ruble. Siberian Coal Energy Company (SUEK) is the company's biggest minority shareholder with 4% of shares.