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Federal Grid Company FEES Presidential Decree On JSC Russian Grids



  Federal Grid Company (FEES) - Presidential Decree On JSC Russian Grids

RNS Number : 9251R
JSC Fed Grid Co of Unified Engy Sys
23 November 2012
 

                                       

 

Presidential Decree on Renaming of MRSK Holding and Inclusion of  Government's 
Stake in Federal Grid Company into MRSK Holding

 

Federal  Grid  Company  of  Unified  Energy  System  ("Federal  Grid"  or  the 
"Company", Moscow Exchange, LSE: FEES),  the operator and manager of  Russia's 
unified electricity  transmission  grid system,  today  announces that  on  22 
November 2012 the President of the Russian Federation Vladimir Putin signed  a 
decree "On Open Joint Stock Company Russian Grids".

 

The decree stipulates that  MRSK Holding should be  renamed into OJSC  Russian 
Grids and that a 79.55% stake in  Federal Grid currently owned by the  Russian 
Federation should be included  in the share capital  of OJSC Russian Grids  by 
the way of payment for additional shares to be issued by OJSC Russian Grids by
the Russian Federation.   

 

The Russian Federation's ownership in JSC Federal Grid Company should not fall
below one share.

 

According to the decree, the above initiatives should be completed by 30  June 
2013.

 

The Company will provide  further clarification on  all stated initiatives  in 
the decree in due course.  

 

A Coordination Committee,  chaired by Federal  Grid Management Board  Chairman 
Oleg Budargin, has been created to oversee implementation of the decree.

 

Enquiries:

 

Contacts

 
                       Investors / Analysts
Federal Grid IR team            Work                  Mobile
Alexander Duzhinov   +7 (495) 710 9064           +7 (916) 041 8053
Nadezda Sukhova      +7 (495) 710 9541
Egor Toropov         +7 (495) 710 9333 ext. 2275
Vladimir Baklanov    +7 (495) 710 9333 ext. 2926
                       International Media
M:Communications
Tom Blackwell        +7 (495) 663 8009           +7 (919) 102 9064
Sam VanDerlip        +44 20 7920 2356            +44 7554 993 032

 

 

 

About Federal Grid Company

 

Federal  Grid  Company  is  the  operator  and  manager  of  Russia's  unified 
electricity transmission  grid  system, including  high  voltage  transmission 
lines, and holds the status of a natural monopoly. 

The Company's assets include  more than 124,000 km  of transmission lines  and 
854 substations with more  than 322 GVA of  35-750 volt transformer  capacity. 
Based on the length of transmission lines and installed transformer  capacity, 
Federal Grid is the largest  publicly traded electricity transmission  company 
in the world.

Federal  Grid's   business  is   to  provide   electricity  transmission   and 
technological connection services. It maintains  and develops the grid  system 
and supervises  grid  facilities and  infrastructure  in 73  Russian  regions, 
covering a  territory of  13.6 million  square kilometres.  Its customers  are 
regional distribution companies,  electricity suppliers  and large  industrial 
enterprises.

Since January 1^st 2010, Federal Grid  has operated under a 5-year  regulatory 
asset base (RAB) model.

The Company was  incorporated in June  2002 as part  of the reorganization  of 
Russia's electrical power  industry. The  largest shareholder,  with a  79.55% 
stake, is the Russian Federation Government.

Federal Grid  Company's ordinary  shares  are listed  on the  MICEX-RTS  stock 
exchange under the ticker symbol FEES and the Company's GDRs are traded on the
London Stock Exchange under the same FEES ticker symbol. The Company's  shares 
are included in the MSCI Emerging Markets and MSCI Russia indices. 

In 2011 the Company's IFRS revenue was RUB 139,571 million (up 23% compared to
2010), adjusted EBITDA was RUB 83,760 million (a 24% increase from 2010),  and 
adjusted net profit was RUB 38,241 million (up 37% on 2010).

Further information can be found at www.federal-grid.com

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCBJBATMBMTBBT -0- Nov/23/2012 15:04 GMT
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