On August 27, the Board of Directors of OJSC Kubanenergo approved the acquisition by JSC Russian Grids of 5,417,874 (2.52%) of the company's follow-on offering in the amount of more than RUB 660.005 million after the pre-emptive right of JSC Russian Grids expires, Kubanenergo informed.
It will be recalled that in July, Russian Grids acquired 70,247,694 (16.72%) of the additionally issued common shares in the amount of RUB 8.558 billion in exercise of its pre-emptive right to acquire them. In August 2013, Kubanenergo placed 63.01% of the follow-on offering (135,404,684 securities) at a price of RUB 121.82 per share in the total amount of RUB 16.495 billion in exercise of the pre-emptive right.
The issue intended for public offering consists of 214,877,270 common shares at par value of RUB 100 each and was assigned state registration number 1-02-00063-A-004D as of May 6, 2013.
OJSC Kubanenergo (tax number: 2309001660) is the principal supplier of electric power in Krasnodar Krai and Republic of Adygea. The power supply system includes 11 grid companies (Krasnodarskiye, Sochinskiye, Armavirskiye, Adygeyskiye, Timashevskiye, Tikhoretskiye, Leningradskiye, Slavyanskiye, Yugo-Zapadniye, Labinskiye, Ust-Labinskiye). The total length of its power transmission lines is 90 thousand km, the coverage area is 76 thousand square kilometers, with the population exceeding 5.5 million. Kubanenergo is part of OJSC IDGC of South.
IFRS net loss of OJSC Kubanenergo for H1 2013 decreased by 47.82% to RUB 757.548 million from RUB 1.452 billion in H1 2012. Revenue grew by 4.52% to RUB 14.288 billion from RUB 13.7 billion, loss from operations decreased by 39.41% to RUB 809.194 million from RUB 1.336 billion, loss before tax by 36.07% to RUB 995.996 million from RUB 1.558 billion.
According to the information and retrieval system DataCapital, RAS net loss of OJSC Kubanenergo for H1 2013 decreased by 6.64% to RUB 1.366 billion from RUB 1.463 billion the year before. Revenue grew by 4.76% to RUB 14.279 billion from RUB 13.63 billion, sales loss decreased 6.47-fold to RUB 172.162 million from RUB 1.114 billion, loss before tax by 8.53% to RUB 1.683 billion from RUB 1.84 billion.
AK&M "M&A Market"
"AK&M", 02.09.2013 13:05