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M&A: Russian Grids to buy 2.45% of IDGC of Northern Caucasus shares

On August 15, the Board of Directors of OJSC IDGC of Northern Caucasus approved the agreement on the acquisition by JSC Russian Grids of 3,083,870 additional common shares of the company (2.45% of the offering), each share priced at RUB 25.94, the total acquisition amounting to RUB 79.996 million, IDGC of Northern Caucasus informed.

The issue intended for public offering consists of 125,722,698 securities at par value of 1 ruble, state registration number 1-01-34747-E-006D as of May 30, 2013.

It will be recalled that in June, Russian Grids already acquired 78.01% of the follow-on offering for RUB 2.544 billion.

Also, the Board of Directors took note of the chief executive officer's report approved an interested-party transaction and considered other matters.

OJSC Interregional Distribution Grid Company of Northern Caucasus (IDGC of Northern Caucasus, tax number: 2632082033) is an inter-regional distribution grid company operating in Russia's electric power sector. IDGC of Northern Caucasus supplies electric power using 110 kV and 0.4 kV networks belonging to it in Dagestan, Ingushetia, Northern Ossetia-Alania, Kabardino-Balkaria, Karachaevo-Circassia, Stavropol Krai.

The company's authorized capital of RUB 56.1 million is represented by 56,092,488 common shares at par value of 1 ruble. OJSC Russian Grids holds a 78.01% stake in IDGC of Northern Caucasus.

IFRS net loss of OJSC IDGC of Northern Caucasus for 2012 dropped 2.47-fold to RUB 223.402 million from RUB 550.907 million the year before. Revenue grew by 12.14% to RUB 14.554 billion from RUB 12.979 billion, profit from operations 2.31-fold to RUB 219.058 million from RUB 94.889 million, pre-tax profit was RUB 235.961 million against a loss of RUB 152.981 million in 2011.

According to the information and retrieval system DataCapital, RAS net profit of OJSC of IDGC of Northern Caucasus for H1 2013 increased 2.29-fold to RUB 239.941 million from RUB 104.938 million the year before. Revenue grew by 7.69% to RUB 5.433 billion from RUB 5.045 billion, sales profit decreased by 15.72% to RUB 879.756 million from RUB 1.044 billion, pre-tax profit increased by 37.86% to RUB 413.778 million from RUB 300.148 million.

"AK&M", 22.08.2013


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