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Gold/Mining/Energy : Mosenergo ADR

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From: Copperfield	3/25/2005 7:44:16 AM
	of 241

After re-structuring Open Society " Mosenergo " remain to one of the largest regional power companies 25.03.2005. Moscow On March, 22, 2005 Open Society " Mosenergo " together with Stock exchange of RTS have organized a round table for professional participants of a securities market. A theme of a meeting - " the Reference(Manipulation) of actions(shares) of Open Society " Mosenergo " during reorganization ". The power company at a meeting was represented by the first assistant to the general director - the managing director of Open Society " Mosenergo " Dmitry Vasiljev. According to the plan of reforming from structure of Open Society " Mosenergo " 13 new companies by profile kinds of business are allocated. Each company is created in the form of joint-stock company to which will posess a part of actives and passives of Open Society " Mosenergo ". Dmitry Vasiljev has noted, that all shareholders of Open Society " Mosenergo " remain proprietors of the same quantity(amount) of actions(shares) of the company, as before carrying out of reorganization. Besides each shareholder will receive proportional quantity(amount) of actions(shares) of each of again created companies. The brand of Open Society " Mosenergo " is kept behind the generating company at which remains about 47 % of actives. The company will posess 17 thermal power stations with the established electric capacity of 10,7 thousand. ??? and thermal capacity more than 34 gc/hour. After re-structuring Open Society " Mosenergo " remain to one of the largest territorial generating companies in the Russian power. At a meeting the further steps which should be undertaken according to the schedule of reorganization of the company have been announced. So, in particular, till June - July the new companies should register the decision on release of the actions(shares) and the report on results of a share issue in Federal service on the financial markets then actions(shares) can start to address. Listing of actions(shares) is planned roughly for November, 2005. The next year some companies should receive sanction to release ADR (American Depository receipts), that will give an opportunity for increase of liquidity of actions(shares) and growth of cost of the share capital. Besides shareholders of the Moscow City Electronetwork company and Moscow (heating network) the companies can make the decision on issue of additional actions(shares) which will be placed for the benefit of the Government of Moscow. The similar decision can accept and shareholders of the Moscow Regional Electronetwork company for the benefit of the Government of the Moscow area. translated

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