OREANDA-NEWS. August 16, 2007. At an extraordinary meeting of shareholders on 9 August, IES-Holding voted for OJSC Dzerzhinsk Heat and Power Plant and OJSC Penza Heating Systems Company to be merged into OJSC Territorial Generating Company No 6 (TGC-6) and for the relevant merger agreement to be approved. CJSC Integrated Energy Systems (IES) supported increase in the authorised capital of OJSC TGC-6 and amendments to the Articles of the company, both required to comply with the merger procedure. The vote took place in absentia. 

Approving those decisions was recommended to shareholders by the TGC-6 Board of Directors which currently includes two IES-Holding representatives. The reorganisation of TGC-6 corresponds to the principles built into the company's development strategy to 2010. It will make it possible to optimise management of the company and improve its investment potential.

OJSC Dzerzhinsk Heat and Power Plant and OJSC Penza Heating Systems Company are wholly-owned subsidiaries of OJSC TGC-6. The merger provides for the conversion of their shares into ordinary shares of the parent company. Thus, in accordance with the determined conversion ratios, the TGC-6 authorised capital will grow through the placement of two additional ordinary shares with a face value of 0.01 roubles each.