IES hires consultants for asset consolidation - Vekselberg
MOSCOW. Feb 11 (Interfax) - IES Holding has hired Credit Suisse and VTB to consult it on the conversion to a single share, Viktor Vekselberg, the electricity company's core owner, told Interfax.
"This'll be a lengthy program, it'll take at least two years," Vekselberg said.
The company might hold an IPO in time. "That's a possibility, but a distant one," Vekselberg said.
He said the consolidation would apply to the holding's generating assets.
IES chief Mikhail Slobodin has said the holding planned to optimize its portfolio, and could sell or swap smaller assets. "We plan to repackage some of the portfolio and we might sell something small, buy or swap something," he said, adding that some deals might be announced in the near future.
IES owns 23.6% of the TGK-6 territorial generating company in conjunction with Prosperity Capital Management and 32.2% of TGK-7 with Gazprom . IES also owns 46% of TGK-5 and 75% of TGK-9 .
The IES Retail division controls six regional power sales companies and 12 gas distributors in Russia and Ukraine, as well as operating, construction and service companies in the gas sector. The gas segment works under the GAZEX brand.
IES Holding spokeswoman Nadezhda Rukina told Interfax that the company was looking at various options for structuring its assets.
Viktor Vekselberg is the beneficiary of IES Holding, which was established in 2002.