OREANDA-NEWS. June 1, 2007. Integrated Energy Systems (IES) has transferred 9.2 bln rubles to pay for the whole volume of OJSC Territorial Generating Company #5 (TGC-5) additional issue of shares, remained after existing shareholders had exercised their preemptive rights (260 512 857 721 of ordinary shares for 3,5283 kopecks per share).

Within a week IES plans to receive TGC-5 shares on its accounts. In the first decade of June will be held TGC-5' Board of Directors meeting where it is planned to approve a report on additional issuing of its shares.

  On 28 May TGC-5 BoD decided to place an additional issue of company's shares in favor of a strategic investor - Integrated Energy Systems (IES). Earlier IES along with the other minority shareholders had exercised its preemptive rights for the TGC-5 shares.

Taking into account its realized preemptive rights, IES will purchase 325 735 446 707 additional shares (26,5% of TGC-5 enlarged capital).

Therefore total IES stake in TGC-5 will increase more than twofold from 19% to 41%.
The additional issue of TGC-5 shares will altogether draw 11.634 bln rubles which is planned to be invested into priority investment projects of TGC-5.