JSC MRSK Holding (MRSK) - Presidential decree on renaming of MRSK Holding
RNS Number : 9099R
23 November 2012
Presidential Decree on Renaming of MRSK Holding and Inclusion of Government's
Stake in Federal Grid Company into MRSK Holding
23 November 2012. Moscow, Russia. - MRSK Holding (LSE: MRSK) ("the Company"),
the largest electricity distribution grid company in Russia, 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 a 79.55% stakeof the State inJSCFederalGridCompanyshould 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 State.
The State ownership in JSC Federal Grid Company should not fall below one
According to the decree, the above initiatives should be completed by 30 June
The Company will provide further clarification on all stated initiatives in
the decree in due course.
For further information:
Julia Martynova, IR +7(495) 995 5333 (ext. 2070)
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
CANFEEFDDFESELF -0- Nov/23/2012 13:43 GMT
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