19 Jan 2024 15:19

UROC Limited, owner of 7.4% of EL5-Energo shares, exits company's capital

MOSCOW. Jan 19 (Interfax) - UROC Limited on December 29, 2023, reduced its stake in PJSC EL5-Energo from 7.4% to 0%, the energy company said in a statement.

Lukoil l, the main shareholder of EL5-Inter-regional power grid distribution company, received Russian presidential permission to buy out the stake in December 2023

Cyprus-based UROC acquired a stake in EL5-Energo, known as Enel Russia at the time, in 2021. At the time, the power company could not comment on who the new shareholder was, but a stock market source told Interfax that UROC might be affiliated with Middle Eastern investment fund AGC Equity Partners, which was previously part of a consortium with the Russian Direct Investment Fund and Australian fund Macquarie.

Lukoil became a shareholder of Enel Russia in October 2022, when Italian energy group Enel sold its 56.43% stake in the power company, with Lukoil acquiring 26.9% and AAA Capital Management acquiring the other 29.5%.

In January 2023, Lukoil increased its direct stake in the power company to 56.43% and AAA Capital Management ceased to be a shareholder. Lukoil now owns 56.44% of EL5-Energo. Thus, the oil company's stake could increase to 63.84% as the result of the deal.