The RAO UES of Russia (EESR) management expects the government to obtain around 75-77% of Federal Grid Company (FGC) shares and around 55-56% of Federal Hydropower Generating Company (FHGC) shares upon RAO UES's reorganisation, Dmitry Akhanov, head of the Centre for the Implementation of Reform Projects, told journalists. The government is expected to gain such stocks proceeding from the assumption that no more than 5% of RAO UES shareholders will vote against the reorganisation of the holding company, according to him. In addition, the government will have 55-60% in Inter RAO UES which will include assets of the Ivanovo combined cycle power plants, Severnaya Heat and Power Plant (HPP) and Sochi HPP. The government will also gain at least 75% in System Operator. At the moment, the advisability is being discussed for the government to increase its System Operator interest to 100% through System Operator buying out the remaining shares from minority shareholders at the expense of the federal budget. This scenario is the likeliest, according to Mr Akhanov. Another scenario is also being considered when Trading System Administrator will buy out the remaining 25% of System Operator from the minority shareholders, as well as the option when the remaining 25% of System Operator shares will not be bought out and will be retained by the minority shareholders. The RAO UES of Russia Board of Directors has passed a decision on calling an extraordinary meeting of RAO UES of Russia shareholders on reorganisation on 26 October, 2007, as Prime-TASS reported earlier. The RAO shareholders are expected to get shares of the companies to be spun off from RAO UES on 1 July, 2008. |
