OREANDA-NEWS. February 14, 2011. The Board of Directors of JSC “FGC UES” (“Federal Grid” or the “Company”) approved the termination (reduction) of participation of the Company in JSC OGK-1, JSC RusGydro, JSC OGK-2, JSC OGK-3, JSC OGK-4, JSC OGK-6, JSC TGK-1, JSC TGK-2, JSC Mosenergo, JSC Kvadra, JSC TGK-6, JSC Vozhskaya TGK (TGK-7), JSC TGK-9, JSC Fortum (TGK-10), JSC TGK-11, JSC Kyzbassenergo (TGK-12), JSC TGK-11 Holding, JSC Bashkirenergo, JSC Eniseisky TGK (TGK-13), JSC TGK-14, JSC Sangtudinskaya GES-1, JSC OES GruzRosenergo. The decision is subject to approval by  the general shareholders’ meeting of Federal Grid as the transaction of interest.

On a similar condition the board of Directors approved the participation of the Company in the authorised capital of JSC INTER RAO UES by purchasing additional ordinary shares of JSC INTER RAO UES, obtaining no more than  20 % minus one voting share as the Company and no more 25 % of voting shares as the Group. 

The value of the transaction has been determined by the Board of Directors based on an evaluation carried out by the consortium of independent assessors of CJSC Deloitte and Touche CIS, Institute of entrepreneurship problems Ltd, Nexia Pacioli Consulting Ltd. Credit Suisse provided the fairness opinion.

The Board of Directors has also issued voting recommendations for the Federal Grid representatives at the Board of Directors and shareholders’ meeting of its 100% subsidiary (Index of Energy – FGC UES LLC), with regards to acquiring additional shares of JSC INTER RAO UES.