Moscow, 14 September 2005. Ordinary shares of OAO "Fifth Wholesale Generation Company of the Wholesale Electricity Market" (OAO "WGC-5") were included in the List of non-listed securities of ZAO "MICEX Stock Exchange" with effect from today.
Previously, as part of the process to consolidate the subsidiaries of OAO "WGC-5", minority shareholders of OAO "Konakovskaya TPP" exchanged their shares for 2,868,000,000 shares in OAO "WGC-5" (the entire quantity of WGC-5 shares offered for exchange). As a result of the share exchange, OAO "WGC-5 ceased to be a wholly-owned subsidiary of RAO "UES of Russia", with RAO "UES of Russia" currently holding a 90.25% stake in OAO "WGC-5".
OAO "WGC-3" will be the next wholesale generation company to consolidate its subsidiaries and float its shares on stock exchanges.
Details of WGC-5 Share Issue
|
Issuer name |
Date of Company's state registration |
Issue registration date |
State registration of issue |
MICEX ticker |
Class of shares |
Quantity |
Par value (RUB) |
|
OAO "WGC-5" |
27.10.2004 |
24.12.2004 |
1-01-50077-? |
OGKE |
ord. |
29407170459 |
1 |
The resolution to establish of OAO "WGC-5" as a wholly-owned subsidiary of RAO "UES of Russia" was approved by the Board of Directors of RAO "UES of Russia" on 3 September 2004. The state registration of OAO "WGC-5" was effected on 27 October 2004 by the Inspectorate of the Ministry of Taxes and Levies of Russia in the city of Yekaterinburg, Sverdlovsk Region. Anatoly Bushin was appointed Director General of the Company.
Pursuant to Order of the Government of the Russian Federation No. 1254-r of 1 September 2003, the following companies were included in OAO "WGC-5": OAO "Konakovskaya TPP", OAO "Nevinnomysskaya TPP", the Reftinskaya TPP and Sredneuralskaya TPP.
The formation of OAO "WGC-5" is planned to be completed through consolidation of its subsidiary power plants by exchanging the shares in OAO "WGC-5" for the minority shareholders' shares in OAO "Konakovskaya TPP", which will be followed by a merger of OAO "Konakovskaya TPP" and OAO "Nevinnomysskaya TPP" with and into OAO "WGC-5".
On 24 June 2005, the Board of Directors of RAO "UES of Russia" approved a number of resolutions which paved the way for direct implementation of the share exchange and merger of the AO-power plants with and into OAO "WGC-5". It is planned to complete the share exchange at OAO "WGC-5" in Q3 2005 and the merger of the subsidiary power plants with and into OAO "WGC-5" by the beginning of Q1 2006.
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