13 Apr 2018 07:44
RusHydro sells stake in Pension fund of the Electric Power Industry
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on April 10, 2018.
The Board of Directors approved exit from charter capital of Non-State Pension Fund of the Electric Power Industry via sale of 73,090 614 shares of JSC Non-State Pension Fund of the Electric Power Industry (or 0.6% of the Fund's charter capital) at Rub 1.1 per share for total consideration of Rub 73.8 mn. The 0.6% stake does not allow RusHydro to influence the Fund's operations and the stake is included in RusHydro's Register of non-core assets. The transaction is carried out in accordance with the mandatory buy-out pursuant the Federal Law on Joint-Stock Companies in framework of merger of The Company has obtained the stake in 2014 in the result of reorganization of the pension fund. The sale is implemented in the context of merger of the Non-State Pension Fund of the Electric Power Industry with LUKOIL-GARANT private pension fund.
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 39.0 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 60.6% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
ir@rushydro.ru
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. 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 from these statements. 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 industries, as well as many other risks specifically related to RusHydro and its operations.