Production company Arkhangelsk Specialized Energy Company LLC (ASEP) acquired a 19% equity stake in OJSC Vologdaenergosbyt, the latter company informed.
Prior to this deal, the production company had no equity stake in Vologdaenergosbyt.
Therefore, Vladimir Gailit who owns a 75% equity stake in ASEP Production Co. established indirect control over 19% of the power sales company's voting shares.
OJSC Vologdaenergosbyt (English: Vologda Power Sales Company, tax number: 3525154831) established on October 1, 2005 during the restructuring of OJSC Vologdaenergo is the largest electric power supplier in Vologda region providing services to ca. 10,000 legal entities and 340,000 individuals.
According to the information and retrieval system DataCapital, RAS net profit of OJSC Vologdaenergosbyt for H1 2013 grew by 6.22% to RUB 83.608 million from RUB 78.71 million in H1 2012. Revenue increased by 6.17% to RUB 5.563 billion from RUB 5.24 billion, sales profit by 19.87% to RUB 152.947 million from RUB 127.591 million, pre-tax profit 2.29-fold to RUB 110.986 million from RUB 48.511 million.