3 Aug 2009 19:07

Regulator allows SUEK owner to take over stake in IDGC Siberia

MOSCOW. Aug 3 (Interfax) - The Russian Federal Antimonopoly Service (FAS) has approved a request from Cyprus-based offshore Donalink Limited, the main shareholder in Siberian Coal Energy Company (SUEK), to acquire 50% of the voting shares in Interregional Distribution Grid Company (IDGC) Siberia , the FAS said in a statement.

At present, SUEK directly owns a 0.3% stake in IDGC Siberia. An additional 28.05% in IDGC Siberia is owned by CJSC Interregional Power Grid Distribution Company, which was earlier spun off from SUEK.

A source close to Donalink affiliates told Interfax that the Cyprus company's request was technical in nature and the essence of the transaction was the possible transfer of Interregional Power Grid Distribution Company's stake in IDGC Siberia to Donalink's direct ownership.

Given that Donalink affiliates already own more than a blocking stake in IDGC Siberia, under existing legislation, Donalink had to file a request to receive an up to 50% stake or more in the grid company. The source said that Donalink is not planning for now to increase its stake in IDGC Siberia, although it could later.

IDGC Siberia filed a similar request with the FAS to receive a stake in Yakutskenergo . The FAS earlier allowed Donalink to acquire up to 50% of the energy company. At present, SUEK owns 25.48% of Yakutskenergo. Donalink is also considering the possibility of transferring this stake to its balance sheet.

OJSC IDGC Siberia has charter capital of 8.937 billion rubles split into 89.367 common shares with par value of 10 kopecks. IDGC Holding owns the controlling stock interest in IDGC Siberia. In addition, MMC Norilsk Nickel owns an 8.22% stake in IDGC Siberia.