JSC MRSK Holding MRSK Holding's Subsidiary Acquires Shares in Lenenergo

  JSC MRSK Holding (MRSK) - Holding's Subsidiary Acquires Shares in Lenenergo

RNS Number : 7644R
MRSK Holding
22 November 2012
 



                                 MRSK Holding

          MRSK Holding's Subsidiary Acquires Shares in JSC Lenenergo

22 November 2012. Moscow, Russia. - MRSK Holding (LSE: MRSK) (the  "Company"), 
the largest electricity distribution grid  company in Russia, today  announces 
that yesterday IDGC  of Urals,  a subsidiary  of MRSK  Holding, completed  the 
acquisition of 81,119,240 ordinary shares and  22,750,128 preferred shares  of 
JSC Lenenergo, another subsidiary of MRSK Holding.  

Following the acquisition, IDGC  of Urals owns 7.15%  of voting shares in  JSC 
Lenenergo. MRSK Holding's direct ownership in JSC Lenenergo is 53.41%.

The acquisition was part  of the share swap  of 78,887,994 ordinary shares  of 
JSC Kurganenergo owned by IDGC of Urals,  which represents a 49% stake in  JSC 
Kurganenergo, for the  ordinary and  preferred shares of  JSC Lenenergo  which 
were owned by STS Corporation.

The total value of the deal was RUB 2,743,724,431.32.

Following the completion of this transaction,  IDGC of Urals does not own  any 
shares of JSC Kurganenergo.

 

For further information:
MRSK Holding
Julia Martynova, IR                +7(495) 995 5333 (ext. 2070)
                                    
FTI Consulting                      
Larisa Millings / Marc Cohen       +44 20 7831 3113
Oleg Leonov / Maria Shiryaevskaya  +7 (495) 795 0623

                                    

 

MRSK Holding is the  largest electricity distribution  grid company in  Russia 
and, the Company believes,  one of the  largest electricity distribution  grid 
companies  in  the  world  by  length  of  distribution  lines  and  installed 
transformer  capacity.  MRSK  Holding  holds  interests  in  and  manages   11 
interregional and five regional distribution  grid companies in Russia. As  at 
31 December  2011,  MRSK Holding  together  with its  subsidiaries  owned  and 
operated approximately  2.1  million kilometres  of  electricity  distribution 
lines with a total  installed transformer capacity  of approximately 395  GVA. 
Through its  subsidiaries,  the Company  operates  in 69  regions  of  Russia, 
covering an area of  approximately 7.8 million  square kilometres occupied  by 
approximately 85 percent  of Russia's total  population according to  Rosstat. 
The Company  reported  revenues  of  RUB  302.7  billion  and  net  profit  of 
RUB15.6billion for the first half of 2012.

 

 Some of the  information in  this press  release may  contain projections  or 
other  forward-looking  statements  regarding  future  events  or  the  future 
financial performance  of  MRSK  Holding. You  can  identify  forward  looking 
statements by  terms such  as "expect,"  "believe," "anticipate,"  "estimate," 
"intend," "will," "could,"  "may" or  "might" the  negative of  such terms  or 
other similar expressions. We  wish to caution you  that these statements  are 
only predictions and that actual events  or results may differ materially.  We 
do not intend to update these  statements to reflect events and  circumstances 
occurring after the date hereof or to reflect the occurrence of  unanticipated 
events. Many factors could cause the actual results to differ materially  from 
those contained in our  projections or forward-looking statements,  including, 
among others, general economic conditions, our competitive environment,  risks 
associated with operating in Russia, rapid technological and market change  in 
our industry, as well as many other risks specifically related to MRSK Holding
and its operations.

 

 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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ACQQLLBLLFFZFBD -0- Nov/22/2012 07:00 GMT