At the TGK-6 annual meeting June 26 the holders decided to pass the 2013-dividends, the company informed.
Ernst & Young was affirmed as an auditor. Besides, a decision on the restructuring through the merger with Volzhskaya TGK was approved. Within the merger 1037.080254 common stocks of 0.01 rub. par of TGK-6 will be converted into one stock of 1 rub. par of Volzhskaya TGK.
In line with the new business strategy of KES Holding all its generating companies will be merged with Volzhskaya TGK under T+ Group as the one brand.
The buyback price should be fixed at 0.1732 rub./pcs.
The contract with Renova Industries Ltd on the purchase of 249 stocks of Inter Promo Trade Limited (24.9%) in the volume of 5.318bn rub.
TGK-6 (TIN 5257072937) was formed in 2005. From Mar. 2007 it is a joint operating Company involving generating and heat grid assets of Nizhegorodskaya, Ivanovskaya, Vladimirskaya and Penzenskaya regions and Mordovia. The decision on the formation of the target structure through the merger of 5 generating and one heat companies was made by RAO UES BOD in 2006. The divisions include 14 TETS, 1 GRES, 3 boilers. The electric capacity gains 3.113 GW; heat - 10.689ths Gcal. The share capital is equal to 12.895bn rub. split in 1289500236067 stocks of 0.01 rub. par.
The 2012 net losses (IAS) plunged 19.53% to 378.122mln rub. from 469.874mln rub. prior year; revenues dropped 3.11% to 27.794bn rub. from 28.687bn rub.; operating losses - 47.83% to 373.739mln rub. from 716.35mln rub. prior year; pretax losses moved up 10.52% to 282.508mln rub. from 255.613mln rub.
The 2013 net profit (RAS) gained 650.694mln rub. vs. 483.874rub. in losses prior year; revenues increased 2.42% to 28.732bn rub. from 28.052bn rub.; profit from sales - 3.46 fold to 231.055mln rub. from 66.756mln rub.; pretax profit coming to 857.98mln rub. vs. 379.416mln rub. in losses.