RAO UES of Russia has prepared a provisional schedule of the placement of the additional share issues of wholesale and territorial generating companies (WGCs and TGCs) in 2007, Alexander Chikunov, a member of the management board of the holding company, said on Thursday at a conference in London organised by Troika Dialog. TGC-5 is to place its shares in May and TGC-1 and WGC-4 in July, according to the schedule. Following WGC-4, investors will be offered shares of TGC-8 and TGC-12 (August). TGC-8 will hold its IPO in September, TGC-9 in October, and TGC-6 in November. TGC-4, WGC-6, WGC-1, WGC-2, TGC-10, and TGC-13 are also supposed to float their shares in November. Mr Chikunov warned that some of these companies may not place their shares in late 2007, but in early 2008. "By the end of the year, six companies at once will be prepared for their IPOs. For the time being, we have no decision on the schedule (of their placements). Perhaps, they will hold them later this year or maybe they will be held to the first quarter of next year," he noted. Not all additional share issues have fully been approved by the Board of Directors of RAO UES. The Board will examine the IPO programmes of seven companies next quarter, according to the member of the RAO board of management. The funds to be raised by WGCs and TGCs via their IPOs will enable them to finance their investment programmes, so the companies will not need any borrowings in the next two years, concluded Mr Chikunov. |
