OAO MRSK Holding jumped the most in two months as Russian President Vladimir Putin signed a decree giving the company a majority stake in Federal Grid Co.
MRSK rose 6.1 percent to 2.017 rubles by the close in Moscow, the biggest gain since Sept. 25. The amount of shares traded was 575 million, equivalent to almost two times the three-month daily average. Federal Grid jumped 7.2 percent to 21.17 kopeks.
Putin signed a decree yesterday transferring 79.55 percent of Federal Grid’s shares to MRSK Holding, according to an e- mailed copy of the document. The nation’s largest electricity distribution company will be renamed OAO Rossiskiye Seti, according to the document.
“The decree effectively brings to an end the more than six-month discussion over the potential ownership structure,” VTB Capital analysts led by Mikhail Rasstrigin wrote in an e- mailed note. It is “fully in line with the government’s recent suggestions,” they said.
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