TGK spokesman Vyacheslav Martynyuk told news agency Prime signing the agreement did not mean the company would use the money immediately.
He noted TGK's management decided to arrange credit lines in order to be able to raise money when it needs funds without wasting time for talks and approval for each credit deal.
The vendor noted it will use the sale proceeds to fund the groupa[euro](tm)s investment programme.Country: RussiaSector: UtilitiesTarget: TGK-6 OAO, Volzhskaya TGK
OAO (TGK-7 OAO)Buyer: Unnamed fundsVendor: Inter RAO UESDeal size in USD: 698mType: DivestmentStatus: AgreedComment: The deal size is combined.
One of the rumored structures, Merol Trading, already owns stakes in the power companies controlled by IES Holding, including 9% in TGK-6 and 8% in Volga TGK
. Deal prices or breakdown of stakes between acquirers have not been disclosed.
The Russian government is pursuing privatisation of Inter Rao and other firms by 2016 under a plan, whose initial aim was to promote foreign investment and know-how in the country, apart from providing additional capital to the state.Country: RussiaSector: UtilitiesTarget: TGK-6 OAO (TGK-6), Volzhskaya TGK
OAO (TGK-7)Buyer: Access Industries Inc , Unnamed company close to the Renova groupVendor: InterRAO UES Type: DivestmentStatus: SpeculationComment: Interest in TGK-6 is valued at USD61.2m, Interest in TGK-7 is valued at USD642.3m.
Russian anti-monopoly authorities on Tuesday said they have approved the plan by state-run utility and trader InterRao (MCX:IRAO) to buy blocking stakes in power producers TGK-6, Bashkinergo (RTC:BEGY) and Volzhskaya TGK
and TGK-9, subsidiaries of KesHolding controlled by Victor Vekselberg, are likely to sign a longterm gas delivery contract with TNK-BP for the period covering 2013-30, RBC Daily and Vedomosti report this morning (13 Nov).
In this regard and taking account of free capacity price in Volga zone set at R154thnd we view the capacity auction results as positive for TGK-6 (TGKF RX) and Volzhskaya TGK
(VTGK RX), and for RusHydro (HYDR RX), which has several HPPs in this region.
We believe the news should cool interest to the shares of KES-Holding subsidiaries, TGK-5, TGK-6, Volzhskaya TGK
and TGK-9, which recently performed better than the market in the absence of corporate events.