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ELECTRICITY GRIDS ARMENIA SEES OWNERSHIP CHANGE BETWEEN INTER RAO SUBSIDIARIES
Interfax
Sept 15 2011
Russia
The Armenian government approved the transfer of 100% of the shares
in CJSC Electricity Grids Armenia on Thursday from Interenergo B.V. to
INTER RAO Holding B.V., Armenian Energy and Natural Resources Minister
Armen Movsisyan said at a government meeting.
"The proposal for the transaction was received from OJSC Inter RAO UES
(RTS: IRAO)," he said.
"OJSC Inter RAO UES is the 100% owner in INTER RAO Holding B.V. In
turn, the holding is the 100%-owner of Interenergo. Therefore, the
ownership rights for the Armenian company are being transferred from
Inter RAO's 'granddaughter subsidiary' to its 'daughter subsidiary'.
This decision has not raised any divisive issues and doesn't foresee
changes in CJSC Electricity Armenia's operations," the ministry said.
CHSC Electricity Grids Armenia is the sole seller of electricity in
Armenia. The company owns 323 substations, providing services to over
830,000 customers.
It was earlier reported that Inter RAO UES has pans to restructure
its foreign assets in order make its corporate structure clearer for
investors. For instance, assets engaged in the export and import sale
of electricity will be moved to the balance sheet of the Inter RAO
subsidiary registered in the Netherlands.
Interfax
Sept 15 2011
Russia
The Armenian government approved the transfer of 100% of the shares
in CJSC Electricity Grids Armenia on Thursday from Interenergo B.V. to
INTER RAO Holding B.V., Armenian Energy and Natural Resources Minister
Armen Movsisyan said at a government meeting.
"The proposal for the transaction was received from OJSC Inter RAO UES
(RTS: IRAO)," he said.
"OJSC Inter RAO UES is the 100% owner in INTER RAO Holding B.V. In
turn, the holding is the 100%-owner of Interenergo. Therefore, the
ownership rights for the Armenian company are being transferred from
Inter RAO's 'granddaughter subsidiary' to its 'daughter subsidiary'.
This decision has not raised any divisive issues and doesn't foresee
changes in CJSC Electricity Armenia's operations," the ministry said.
CHSC Electricity Grids Armenia is the sole seller of electricity in
Armenia. The company owns 323 substations, providing services to over
830,000 customers.
It was earlier reported that Inter RAO UES has pans to restructure
its foreign assets in order make its corporate structure clearer for
investors. For instance, assets engaged in the export and import sale
of electricity will be moved to the balance sheet of the Inter RAO
subsidiary registered in the Netherlands.