Templeton prepared to boost stake in RusHydro
VOLZHSK. July 29 (Interfax) - A fund managed by Templeton Asset Management, which currently owns a 0.5% stake in Russian hydrogenerating company RusHydro , is prepared to increase its stake in the company, Templeton chief Mark Mobius said during a briefing on Wednesday in Vozhsk, where he was visiting a RusHydro plant.
The Templeton fund owns a 0.5% stake in RusHydro and is prepared to constantly increase this interest, he said. The size of the stake changes every day depending on how much money the fund receives from investors, he said.
The fund's regulations forbid it from having a more than 10% stake in a company, he said, noting that the average investment period is five years.
Mobius said the fund does not own any considerable stakes in other Russian energy companies. He said RusHydro is the most attractive asset in the country's power industry.
Acting RusHydro CEO Vasily Zubakin said Mobius's fund is the company's largest private investor.