OREANDA-NEWS. October 11, 2012. INTER RAO UES Group has completed reorganization of its Russian power generation assets and transferred the generation facilities, earlier consolidated into JSC OGK-1 and JSC OGK-3, into ownership of JSC INTER RAO UES — Electric Power Plants, a wholly owned subsidiary of JSC INTER RAO UES. Minority shareholders of JSC OGK-1 and JSC OGK-3 converted their stock into additionally issued common shares of JSC INTER RAO UES. All transactions with securities of JSC OGK-1 and JSC OGK-3 in the shareholder registry were ceased as of September 28, 2012.

Along with the reorganization INTER RAO UES fulfilled all its obligations to minority shareholders and bought out stock from all the shareholders of the mentioned companies who voted against the reorganization or abstained from voting. The redemption payment totaled RUB 11.7 bn. As the result, authorized capital of JSC INTER RAO UES will increase by 6.8% and the free float is to grow from 16% up to 18%. State and state-run companies will keep control of the company’s capital as their share will total 55%.

“Due to the reorganization we have significantly simplified and streamlined the ownership structure of our core assets," said Ilnar MIRSIYAPOV, Member of Executive Team and Head of Strategy and Investments Business Unit, JSC INTER RAO UES. "Consolidating 100% stakes in generation companies will help us maximize financial synergies from streamlined fuel costs management, centralized purchasing and unified sales strategy. All these factors as well as increased liquidity and free float will ultimately make INTER RAO UES Group an even more attractive investment."

JSC INTER RAO UES is a diversified energy holding working in various segments of Russian and international electric power industry. INTER RAO UES is a leading exporter and importer of electric energy in Russia actively increasing electricity generation and sales, and developing new lines of business. INTER RAO UES focuses its corporate strategy on making the company a global energy enterprise and a key player in the international energy market. INTER RAO UES Group owns and operates over 28,000 MW of installed power generation capacity.