RIA NOVOSTI. Mosenergo, Europe’s No. 1 heat generating company, has pulled out of Transport Investment Bank (Transinvestbank), in which it earlier held a 72.44% common stake, the generating company said in a press release Monday. A relevant decision was adopted by Mosenergo’s BoD at a December 25, 2008 meeting. The genco’s interest in the bank’s capital was assigned to Transinvestbank since the time when the genco submitted a pullout application.
As Mosenergo CEO Vitaly Yakovlev said in an interview with the news agency in November 2008, the genco had no plans to up its equity position in Transinvestbank to 100%. The utility company faced problems with the settlement bank before 2005 when Mosenergo’s controlling interest in the lending institution (around 72%) “was diluted and control over the lender was lost”. Later on a decision was taken to return to Mosenergo the earlier alienated shares of the bank with an upsizing of the equity stake to 100% of the lender’s charter capital at a price “not higher than the alienation price”. This order was not ultimately fulfilled despite numerous media reports.
Mosenergo is the largest regional generating company in Russia. It consists of 17 power stations with installed electric power capacity of 11,500 mW. Mosenergo’s charter capital is equal to Rub 39.75 bln and is divided in 39.75 bln common shares with Rub 1.00 par value each. For the record, 53.47% of the genco’s securities are held by Gazprom and around 27% is in the hands of the Moscow government.
