Rus News Journal

To sell it is impossible to supervise

Open Society “ Inter the Russian Open Society “United Power Systems“ “ has received blocking share holding Volga TGK (TGK - 7) - 32,4 % which is estimated in 23,8 mlrd roubles. Earlier a top - management “ Inter the Russian Open Society “ expressed intention to receive control over TGK - 7: for this purpose the company does not suffice now almost 18 %. However in the free reference of these actions is not present, and the basic shareholder of the generating company - KES - Holding - does not intend to refuse an active. According to the experts, the companies could exchange power actives or create the joint venture. However yesterday it became known about a possible exit “ Inter the Russian Open Society “United Power Systems“ “ from a share capital Volga TGK.
Yesterday Open Society “ Inter the Russian Open Society “United Power Systems“ “ has informed on share increase in Volga TGK from 0,23 % to 32,44 %. As appears from the published reporting, the most part of this package - 29,99 % - belonged earlier to Open Society “ the Federal network company of the Uniform power system “ (FSK EUROPEAN ECONOMIC COMMUNITY). The package is estimated in 22,23 mlrd roubles. Other actions, judging by the reporting, have been redeemed at minoritariev for 1,5 billion Face-value of one action TGK - 7 - 1 rouble, however transactions passed at the price of 2,47 roubles for a security. Besides, yesterday it became known about occurrence “ Inter the Russian Open Society “ in an authorised capital stock “ Saratovenergo “: the company has got a controlling stock (56,9 %), estimated in 398,47 million roubles (0,11 roubles for one security). In Open Society “ Inter the Russian Open Society “United Power Systems“ “ on the transaction yesterday did not make comments.

Open Society “ Inter the Russian Open Society “United Power Systems“ “ it is formed in the spring of 2008 on the basis of Joint-Stock Company “ Inter the Russian Open Society “United Power Systems“ “ and of some the Russian generating actives transferred to it within the limits of reforming of electric power industry. The total established capacity of the power stations which are a part of Group “ Inter the Russian Open Society “United Power Systems“ “ - 18 000 MVt. Cost of actives of Open Society on the end of 2010 - 135,2 mlrd roubles, net profit - 2,7 billion In 2011 “ INTER the Russian Open Society “ spends dopemissiju in volume to 13,6 trln new actions, changing them for shares in the power companies, the states which have remained in the property or state companies (FSK and “ RusGidro “) And also private actives.

Open Society “ Volga TGK “ since 2008 enters into holding “ Complex power systems “ (KES - Holding). VoTGK - second-large the established capacity among all Russian TGK. Works in territory of the Samara, Ulyanovsk, Saratov and Orenburg areas. In total in structure of the Volga territorial generating company and its absolute affiliated company of Open Society “ Orenburg TGK “ 20 thermal power stations the general capacity 688,7 MVt the electric power and 30955,1 Gkal teploenergii enter. By expert estimations, KES - Victor Vekselberg`s Holding supervises 37 - 46 % TGK - 7.

Experts disperse in estimations of consequences of the transaction. “ Inter the Russian Open Society “ stock for which in 2010 could not pay off KES have been transferred. Then the state block of shares has returned almost completely, and Vekselberg`s companies have left hardly more than 2 % of actions for the brought advance payment “ - the general director of the legal company " tells; the Vector the right “ Yury Stitsjuk. Mister Stitsjuk also reminds of plans “ Inter the Russian Open Society “ to receive control over TGK - 7 which were sounded by a top - menedzhent the federal company. However, and KES it is not ready to leave one of the largest actives of holding. According to leading expert UK “ finam Management “ Dmitry Baranova, “ Inter the Russian Open Society “ cannot collect the action to a controlling stock in the market - they simply are not present in circulation in the necessary quantity. Before control of the company there are no almost 18 % of actions TGK - 7. Yesterday they cost 10,4 mlrd roubles. “ on an operative management the company will apply hardly, and here for development of strategy of development, through membership in Board of directors, the company will apply necessarily “ - the expert marks.

according to analyst BKS of Irina Filatovoj, the company could exchange actives. “ Potentially it could be, for example, the share in TGK - 6. However 23,58 % TGK - 6 stand in the market 5,7 mlrd roubles, and 37 % TGK - 7 - 21,9 mlrd roubles, it is an inadequate exchange. If to assume that KES will not leave capital TGK - 7 hardly he will want to reduce the share to less than blocking. Then it turns out that the maximum that can give KES on TGK - 7 is 12,5 % of actions, they stand 7,3 mlrd roubles “ - madam Filatova argues. However is more probable, according to analyst BKS, the scenario of creation of the joint venture with KES, “ where each company will bring the shares in TGK - 5, TGK - 6, TGK - 7, TGK - 9 “.

According to the source „“, close to company management, yesterday it became known that most likely from a package in VoTGK “ Inter the Russian Open Society “ will get rid. “ the final decision is yet accepted. However it is not possible to receive control, and when plans KES on association of generating actives and their transfer into one action are realised, the Russian Open Society share will proportionally decrease from a blocking package to minority “ - tells a source. As he said, it is formal at “ Inter the Russian Open Society “ as the owner of a block package, has a possibility to block reorganisation TGK - 7, however “ such plans did not sound “.