Director General of IDGC Holding, OJSC Nikolay Schvets and Chairman of Management Board of “Gazprombank” (Joint Stock Company) Andrey Akimov signed Agreement on trust management of shares of JSC “Moscow United Electric Grid Company”.
According to Agreement IDGC Holding gives Gazprombank (GPB) a block of shares of JSC “MOESK” of amount of 50.9% into trust management for three and a half year.
“President of the Russian Federation Dmitry Anatol’yevich Medvedev announced on State Council on March, 11th about necessity of privatization or transfer to management of regional distribution grid companies. Government of the Russian Federation set before power engineers goals on modernization, reliability increase of electric power sector, as well as on increase of effectiveness of enterprises of industry and decrease of tariffs on electric and thermal power, - Nikolay Schvets pointed out after signing of Agreement. – Administration of the Company understands strategic importance of modernization of distribution electric grid complex for economics and energy security of the country. Realization of innovation, investment and repair programs is in plans of IDGC Holding in order to increase quality and reliability of electric power supply of consumers. Gazprombank has particular constellation of own high competences in electric power industry with large-scale possibilities on attraction of investments, necessary for modernization”.
Head of IDGC Holding reminded that on March, 22nd of current year Agreement on strategic co-operation was signed with Gazprombank. And in the whole Gazprombank counts its “experience” of close work with electric power industry from 2003, when Gazprombank began to consolidate block of shares of JSC “Mosenergo”.
In frames of realization of modernization projects financial support, which can render Gazprombank, as one of the largest financial institutions, will be important for JSC “MOESK”. Nowadays Gazprombank is one of key investors and creditors with significant industrial expertise in electric power complex of the Russian Federation. From the very moment of foundation of Moscow United Electric Grid Company Gazprombank has been its shareholder, possessing approximately 10% block of shares. In this regard interest of the Bank as trust manager in growth of capitalization of JSC “MOESK” fully coincides with its interests as large shareholder. And from financial and economic results of JSC “MOESK” amount of remuneration of trust manager will depend, Nikolay Schvets pointed out.
“Together with IDGC Holding Gazprombank carries out coherent policy, aimed at enlargement of sphere of co-operation, including issues of assets consolidation of electric grid complex,- Andrey Akimov said.- JSC “MOESK” is well-known company for us. Volume of credit line, set in its favour by Gazprombank, is approximately RUR bln 8.5. We see high possibilities in sphere of development of its investment potential, system of finance management, reduction of cost of attracted resources. Finally our joint work will be aimed at restraint of tariff growth and decrease of load on electric power consumers”.
According to signed Agreement IDGC Holding will retain control over technical policy of JSC “MOESK” and reliability of Moscow electric grid infrastructure.
Agreement also lays moratorium on sale of block of shares, given to trust management for a term of 12 months. At expiration of Agreement on trust management IDGC Holding will still have not less than 25%+1 share of JSC “MOESK”.