Rostec expects to receive up to 30% of Rosseti shares through additional issue

Rostec expects to receive up to 30% of Rosseti shares through additional issue

State corporation Rostec expects to receive up to 30% in the authorized capital of power company Rosseti through an additional issue of shares. The format of Rostec’s entry into the capital of the company is still being discussed, several joint ventures can be created, Head of the state corporation Sergei Chemezov told reporters on the sidelines of the St. Petersburg International Economic Forum, TASS reported.

"As for the signed agreement with Rosseti on joint work on the network digitalization project, the share might be lower than 30%. The format and the parameters are under discussion, several joint ventures could be created. The measures will make it possible to increase the efficiency of electricity consumption and avoid 20-25% of losses. This is a significant saving for budgets, including for Rosseti. In this case, our desire to have a share in an efficient and promising company is logical," Chemezov said.

Rostec intends to begin the process of entering the capital of Rosseti in the Q3, it will take about two years, Chemezov added.

"We will come up with a proposal for an additional share issue. Ideally we will start the process in the Q3 2018, and probably a couple of years will be needed to carry out this work," Chemezov said.

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