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  Unified Energy System REGISTER LOG IN

Press Releases > Unified Energy System  all about the company

company search
all press releases
all Unified Energy System press releases

Unified Energy System

October 5, 2005

UESR Board of Directors unanimously approved participation in the authorized capital of OAO "Power Machines"

Moscow, 5 October 2005. Today the Board of Directors of RAO "UES of Russia" completed voting on the question of acquisition of a 22,43% stake in OAO "Power Machines" from Interros. The Board unanimously approved participation of RAO "UES of Russia" in the authorized capital of OAO "Power Machines".

This acquisition, taking into account the shares held by OAO "Lenenergo" (2,58%), will enable RAO "UES of Russia" Holding Company to control a 25 percent plus one share stake in OAO "Power Machines". The transaction is to be funded mostly by attracting loans.

The Board of Directors of RAO "UES of Russia" commissioned the Management Board to ensure implementation of necessary measures under Russian Federation legislation to acquire the stake in OAO "Power Machines".

The Management Board was also commissioned to submit for consideration by the Board of Directors suggestions on conditions of management of 30,43% stake in OAO "Power Machines" owned by Interros (as previously agreed) as well as on the strategy to manage financial and economic activity of OAO "Power Machines" and on distribution of rights of appointment related to the share ownership while RAO "UES of Russia" Company restructuring.

RAO "UES of Russia" sees its participation in the authorized capital of OAO "Power Machines" as an important step aimed at enhancement of energy facilities reliability. RAO "UES of Russia" Holding Company intends to cooperate with OAO "Power Machines" in improving the latter's technological policy so as to ensure the launch of new products meeting today's requirements of the Technological Policy Framework of RAO "UES of Russia" adopted in April 2005.

Meanwhile, RAO "UES of Russia", as the major consumer of equipment made by OAO "Power Machines", is now preparing a portfolio of orders for the period 2005-2010 and is therefore interested in OAO "Power Machines"’s solutions and equipment meeting the international standards. Therefore RAO "UES of Russia" is interested in inviting a strategic foreign investor possessing advanced technologies and solutions in power engineering to acquire a stake in Power Machines.

RAO "UES of Russia" considers Siemens (a minority shareholder of OAO "Power Machines" owning approximately 4% in the Company) as a potential strategic investor. Siemens is a worldwide leader in power-plant engineering and is experienced in cooperation with Russian utilities equipment producers. In the nearest future RAO "UES of Russia" intends to open negotiations with Interros and Siemens on the question of Siemens’ participation in the project.

As of the date of the UESR Board of Directors’ decision on acquisition of a stake in OAO "Power Machines" the core shareholders of OAO "Power Machines" were Interros (73,46%), Siemens (4,38%), OAO "Lenenergo" (2,58%). Other minority shareholders totally held 19,59%.

 

 

 

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