The Federal Grid Company (FGC) has wrapped up asset consolidation: the company currently incorporates 54 of 56 trunk grid companies and 7 multi-regional trunk grid companies. FGC preserved parent control over Tomsk Trunk Grids (52.03%) and Kuban Trunk Grids (48.99%); however, their consolidation was blocked by Rosneft: The court has put a veto on conversion of the companies' shares through consolidation. Additionally, in line with UES restructuring plans, FGC has also consolidated UES's organizational shell, left after the asset spinoff, as well as two special holding companies, State Holding and FGC Minority Holding, in which UES' stake in FGC is vested.
The state's share in FGC should amount to at least 75%, pursuant to Russian legislation. FGC spokespersons said earlier that the state would own a 76.6% stake in the company. FGC shares are to be listed on stock exchanges on July 10-15. Additionally, the Russian Federal Financial Markets Service (FFMS) has authorized 20% of FGC's charter capital for circulation abroad, and the custodian bank, Deutsche Bank, has launched a GDR program for FGC shares.
Thus, in mid-July, Russian stock exchanges will begin trading in shares of the largest company of the new power utilities industry structure, which should be among the top-10 Russian issuers in terms of liquidity. In our opinion, the opening price will be established at RUB 0.45-0.5 per share; however, it could then be slightly corrected down.
0.569
0.073
