OJSC Norilsk Nickel has got an opportunity to consolidate over 52 per cent of shares of OJSC Wholesale Generating Company No 3 (WGC-3, OGKC on the Russian Trading System stock exchange), a source in WGC-3 told Prime-TASS. The company has summarised the results of the placement of its additional issue of 18 billion shares, according to a press release published by WGC-3. Its existing shareholders used their right of first refusal to buy out 163,656,899 shares. Thus, there were 17,836,343,101 shares /38 per cent/ left for placement via a public offer. All these shares may be bought out by Norilsk Nickel that had already owned around 14 per cent of WGC-3 shares prior to the issue. The company is waiting for the official report on the issue to be published on 26 March, after which it will be ready to comment on the results of the deal, Norilsk Nickel told Prime-TASS. Earlier, Prime-TASS reported that OJSC WGC-3 would carry out an additional share issue in favour of a strategic investor, OJSC Norilsk Nickel Mining and Metallurgical Company, that was selected through a call for bids for WGC-3 shares completed on 10 March. Norilsk Nickel placed the most optimum bid of 4.54 roubles per share of the additional issue. Thus, over $3 billion /81.72 billion roubles/ will be raised through the additional share issue. This is "even more than we expected to gain originally," a RAO UES representative emphasised. The funds will be spent to implement WGC-3 investment projects for the construction of new generating facilities at the state district power plants (GRES) in Kostroma, Cherepet, Yuzhnouralsk, and Kharanor. In all, seven new power units with an aggregate capacity in excess of 2,800 MW are to be built and commissioned by 2012. In an earlier statement, Norilsk Nickel Director General Mikhail Prokhorov said WGC-3 would become part of a power company to be established by Norilsk Nickel which would also include assets of US-based Plug Power and all of Norilsk Nickel's power assets, with the exception of the power assets of the Norilsk Industrial Region. OJSC WGC-3 passed state registration on 23 November, 2004. The company included six major power plants with a total installed capacity of 8,497 MW: Kostroma, Pechora, Cherepet, Kharanor, Gusinoozersk, and Yuzhnouralsk GRES. The authorised capital of the company amounts to 29,487,999,252 roubles divided into 29,487,999,252 ordinary shares with a face value of 1 rouble. At present, ordinary shares of OJSC WGC-3 have passed the listing procedure and have been included in the quotation list "B" on the stock exchanges Russian Trading System and Moscow Interbank Currency Exchange. |
