30 Jun 2010 18:56

TGK-9 to use 2009 net profit for investment projects

PERM. June 30 (Interfax) - Shareholders in OJSC TGK-9 (based in Perm and part of CJSC IES' Urals Generation division), at their annual meeting on Wednesday, decided against paying dividends for 2009, the genco told Interfax.

It was earlier reported the TGK-9 had limited its interim dividends for 2008, paying 750.651 million rubles for the first quarter (94.2% of net profit for 2008) at 0.00009593674 per one share.

The genco said that 210.7 million rubles (5% of the net profit for 2009) would be put into the reserve fund while 4.004 billion rubles (95%) could be earmarked for implementing the construction of new generating capacity.

It was earlier reported that TGK-9 increased its net profit according to Russian accounting standards (RAS) in 2009 by 430% to 4.215 billion rubles.

In addition, the shareholders approved a seven-year bond issue worth 7 billion rubles. CJSC KPMG was approved as the genco's auditor for 2010. The shareholders also reelected the board of directors but the genco has yet to announce its membership.

The genco's charter capital comes to 23,511,883,689.71 rubles divided into 7,837,294,563,235 shares at a face value of 0.003 rubles plus a split for one share (663/801 common shares). IES owns around 75% of the shares in TGK-9.

TGK-9 encompasses generating capacity in the Sverdlov region, Perm territory, and the Republic of Komi. Combined established generating capacity is 3.279 gWt for electricity and 16,866 gCal/hour for heat. IES holds roughly 75% of the genco's stock.