RusHydro will not be sold in the framework of mergers and acquisitions, it will remain an independent company after the occurrence of the new investor in its capital, said today at a meeting with investors in Vladivostok, the President of Russia Vladimir Putin, writes “RIA Novosti”.
“We’re not going with anyone to merge, certainly not absorb. Nothing like that here will not occur. This company will operate as an independent structure,” — said Putin.
In may 2016 it became known about the plans of Rosneftegaz to participate in the recapitalisation of RusHydro in the amount of 55 billion rubles, However at the moment this option is not discussed, said the head of the hydro power company Nikolay Shulginov September 1 at the forum in Vladivostok.
The scheme of participation of “Rosneftegaz” in the capital “RusGidro” it was assumed that RusHydro is fully transferred to the control of Rosneftegaz, said two Federal officials. “Rosneftegaz” has not responded to the request .
Additional capitalization of RusHydro need to refinance the debt of its “daughter” of “RAO UES of the East.” Debt of RAO reached 90 billion rubles, of which 40 billion rubles was formed during the reform of RAO UES of Russia, and the rest of the company were attracted to stranded projects on behalf of the state.
Agreed a year ago, the option of additional share issue VTB Bank in the amount of 85 billion RUB was fixed by agreement between the Bank and RusHydro, but the presidential decree establishing the scheme, was never released. In particular, VTB could receive in the company’s capital to 20%, and management “RusGidro” has taken the responsibility for optimizing costs and increasing dividend yield, reported by the company. VTB received the right at any time to sell the package, including foreign investors.
Now “RusGidro” is preparing a new variant of capitalization. 1 Sep Shulginov said that RusHydro will soon send out a request for participation to all state banks. The company is now studying the new version of the capital increase in favor of the banks 40 billion rubles in exchange for 15% stake in RusHydro and the sale of 4.88% Treasury shares of RUB 15 billion, said Shulginov in an interview to “Kommersant”. He explained that RusHydro has managed to reduce a five-year investment programme 58 billion to 395 billion rubles.
VTB still wants to become an investor of the holding company and the Bank have agreed on new conditions with all relevant agencies, reported the press service of the Bank. “At the moment VTB group has updated the financial conditions,” — said the press service, but the details refused to disclose.
The interest in participation was shown and Sberbank. “If the schema is changed in some way and will be interesting for us, don’t exclude such opportunity,” — said the head of Sberbank German Gref.
The press service of Gazprombank on the request is not answered.
The sale of 4.88% Treasury shares of “RusHydro” plans to conclude with Mitsui and the Japanese Bank for international cooperation (JBIC) in March 2017. 2 September in Vladivostok, the parties signed a Memorandum about what the Japanese side is interested in purchase of Treasury stock and the implementation of joint projects with the Russian company.