OREANDA-NEWS. January 28, 2008. Such decision was accepted by the Board of RAO UES of Russia which is carrying out the functions of extraordinary assembly of shareholders

Extraordinary general meeting of shareholders of JSC Inter-regional distributive company of the North-West /IDGC of the North-West / the functions of which are executed by the Board of RAO UES of Russia , on the 25-th of December, 2007 made a decision on increase in authorized capital of IDGC by 9.5687 billion rbl by converting shares of 7 DGC and placement of additional ordinary registered shares in the amount of 95, 687, 000, 000 pieces, which face-value is 0.1 rbl.

Converting of shares is made according to earlier generated factors calculated on the basis of an estimation of market cost of shares of the companies.

As it was informed earlier, the extraordinary general meetings of shareholders of DGC entering into the zone of responsibility of IDGC of the North-West /JSC Arkhenergo, JSC  Vologdaenergo, JSC  Kolenergo, JSC  Komienergo, JSC  Pskovenergo, JSC  Novgorodenergo, JSC Karelenergo, on the 17th and 20th of December approved reorganization of the companies in the form of joining to JSC IDGC of the North-West, and also approved contracts and transfer certificates.

Earlier, at the beginning of December 2007 the Federal Antimonopoly Service/FAS/ of Russia approved joining to the Northwest IDGC of the 7 distribution companies entering into the zone of responsibility of IDGC.

It is supposed, that the volume of net profit of the 7 distribution companies of JSC  Northwest IDGC in 2007  will equal 696 million rbl, in 2008  - 933.69 million rbl. Proceeds in 2007  are predicted at a level of 19.1 billion RUB, in 2008 – 21.97 billion rbl. Total amount of investments of companies IDGC of Northwest in 2007 - more than 3 billion RUB.