6 Feb 2012 08:38
Federal Grid Reports Results of New Share Issue
Moscow, 06 February 2012 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or the "Company") (MICEX-RTS, LSE: FEES), the operator and manager of Russia's unified electricity transmission grid system, today announces the results of its new share issue ("the issue").
The issue was completed on 3 February 2012, with a total of 4,438,530,347 new shares placed at their nominal value of RUR 0.5 per share, thus raising RUR 2,219,265,173.5. Changes to the Company's charter in connection with the issue will be made upon registration of the report on the issue by the Russian Federation Federal Financial Markets Service.
The proceeds from this issue of new shares will be used for financing the Company's existing investment programme.
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Tom Blackwell | +7 (919) 102 9064 | +7 (495) 663 8009 |
Sam VanDerlip | +7 (916) 306 6112 | +7 (495) 663 8005 |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system. With over 121,000 km of transmission lines and over 311 thousand MVA of installed transformer capacity, it is the largest publicly traded electricity transmission company in the world. The Company's business is to provide transmission and connection services to the Russian wholesale electricity market. It maintains and develops the electrical grid system and supervises grid facilities and infrastructure in the 73 regions of Russia where it operates. Federal Grid Company's customers are regional distribution companies, retail electricity suppliers and large industrial enterprises. The Company operates in an exclusive, competition free environment, and is regulated by the Government of the Russian Federation. The Company's revenue is mainly driven by the transmission tariff set by the Regulator, the Federal Tariff Service. From 1 January 2010 a new RAB (Regulatory Asset Base) tariff framework, designed to stimulate investment and operating efficiency, was introduced. The Company was incorporated in 2002 as part of the reorganization of Russia's electrical power industry. The Russian Government is the largest shareholder with a 79.48% stake.
Federal Grid's common shares are listed on the MICEX-RTS stock exchange under the ticker FEES. The Company's GDRs are listed on the London Stock Exchange and traded under the symbol FEES.
Further information can be found at www.federal-grid.com
FEES.L (FEES)