print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Unified Energy System press releases

Unified Energy System

March 31, 2006

TGC-5 is first generation company to completed restructuring

Moscow, 31 March 2006. OAO "TGC-5" has today received Certificates from the Inspectorate of the Federal Tax Service of Russia for the Leninsky District, Cheboksary, evidencing entry of records in the Uniform State Register of Legal Persons regarding the termination of OAO "Vyatskaya Electricity and Heat Company", OAO "Mari Regional Generation Company", OAO "Udmurt Territorial Generation Company" and OAO "Chuvash Generation Company" as legal persons. Thus, the above regional generation companies (RGCs) have completed their merger with and into OAO "TGC-5".

TGC-5 is the first generation company to have completed the cross-regional consolidation envisaged by the electricity reform.

Until now, TGC-5 has operated using lease arrangements. In December 2005 and February 2006, the RGCs' shareholder meetings (with the support of minority shareholders) and the joint shareholder meeting of OAO "TGC-5" approved the merger of the RGCs concerned with OAO "TGC-5".

Today, the shares in the merged RGCs were converted into TGC-5 shares, and all shareholders in the RGCs concerned became shareholders in OAO "TGC-5". For the purpose of conversion, TGC-5 issued an additional 899,519,637,712 ordinary shares worth a total of RUB8,995,196,377.12.

TGC-5 shares will start trading on the MICEX and RTS stock exchanges in July 2006.

TGC-5 consolidates the generating assets in four regions of Russia: Chuvash Republic, Udmurt Republic, Kirov Region, and Mari El Republic. TGC-5 comprises 11 CHPPs. The Company's head office is located in the city of Kirov. Director General at OAO "TGC-5" is Mr. Vladimir Lebedev.

Upon completion of the merger, the total assets of OAO "TGC-5" are RUB11.3 billion, and the revenues from heat and electricity sales are expected to exceed RUB11 billion by end-2006.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer