INTER RAO UES Group now owns 100% shares of JSC TGK-11 and JSC St. Petersburg Power Supply Company.
As the result, INTER RAO UES Group acquired more than 95% ownership in JSC TGK-11 and JSC St. Petersburg Power Supply Company, and subsequently started the buyout of all outstanding shares according to provisions of the Federal Law Concerning Joint Stock Companies.
Full ownership of JSC TGK-11 and JSC St. Petersburg Power Supply Company in line with the target capital structure set out in the development strategy until 2015 will help INTER RAO UES Group improve the management efficiency, maximize financial synergy effect, as well as cut management costs and other types of costs.
For the purpose of consolidation of 100% shares of these companies on the books of JSC INTER RAO UES the company’s Board of directors approved buying the shares form CJSC INTER RAO Capital.
The Board of JSC INTER RAO UES also approved the 2013 business plan and annual corporate procurement program. Annual corporate procurement program for 2013 is based on the business plan and envisages 313 procurement procedures up to a figure of 4.6 billion RUB.