Federal Grid Co: sale of state stake on market a priority, no talks on strategic investor underway
MOSCOW. June 29 (Interfax) - Federal Grid Company (FGC) believes the state should sell a 4.11% stake in the company on the open market, Deputy CEO Andrei Kazachenkov told journalists.
The stake is too small to sell to a strategic investor. It would make more sense to offer a strategic investor a blocking stake, but that would require a legal amendment that allows the state to reduce its stake in the company below 75% plus one share. No talks with potential strategic investors are currently underway, he said.
FGC is ready to cooperate with leading minority shareholders - primarily Gazprom and MMC Norilsk Nickel - on sale of their stakes. "We are ready to assist other shareholders, if needed, to transact a sale of FGC shares, do it in a coordinated manner, synchronize watches with the privatization process," Kazanchenkov said, adding that FGC could help to see that the various share sales complement, rather than hinder, each other.
"My personal opinion is that since the stakes are not large, it would be best to offer them to a unlimited circle of investors on the market," he said.
As for the exchange where the state stake and minority shares might be offered, Kazanchenkov said domestic exchanges are a priority for FGC. However, the company also wants to establish a presence on international capital markets, and noted that in March FGC launched a GDR program in London.
RTS$#&: FEES, GAZP, GMKN