OREANDA-NEWS. June 6, 2007. Kirov Regional Governor Nikolai Ivanovich Shaklein held a meeting with IES-Holding President Mikhail Yurievich Slobodin in Kirov earlier. The key topics of their conversation were the results of the additional share issue of OJSC Territorial Generating Company No 5 (TGC-5) and the investment programme of this company.

On 28 May, the TGC-5 Board of Directors passed a decision to place additional shares of the company in favour of its strategic investor, IES-Holding, Mr Slobodin noted. As a result, the IES share in TGC-5 more than doubled from 19% to 41%. In this connection, the IES-Holding president explained that within three months TGC-5 will be spun off from RAO UES of Russia and IES will become the largest shareholder in this company.

Mikhail Slobodin also reported to the governor of the Kirov Region that the additional share issue will be used to spend 11.6 billion roubles on implementing TGC-5's priority investment projects. He emphasised that this is 5 billion roubles more than originally planned.

The IES-Holding head told Governor Shaklein about the TGC-5 investment programme, plans for its implementation, and the areas to which the funds raised will be directed.