Rome/Moscow, 25 June 2008 In implementation of the agreement signed on 7 May 2008, Enel Investment Holding B.V. (EIH, a wholly-owned Dutch subsidiary of Enel S.p.A.) has finalized the sale to the European Bank for Reconstruction and Development of a minority stake (about 4.1% of the share capital) in the Russian generation company OAO OGK-5 (OGK-5), for a consideration of about 175 million euros at the current euro/rouble exchange rate.
The price for the sale of the holding was determined on the basis of the same per-share price of EIHs public tender offer for OGK-5 (4.4275 roubles per share).
Following the aforementioned sale of the stake in OGK-5, EIH retains a holding of about 55.8% of OGK-5 share capital, sufficient to ensure effective control of the company through the power to nominate a majority of the members of its board of directors.
It should be reminded that on 7th May 2008 the parties had also signed shareholders agreements that confirm EIHs commitment to transfer international best practices in environmental protection to OGK-5 and to apply corporate governance principles that safeguard the rights of OGK-5s minority shareholders.
Established in 2004 as part of the electricity industry reform, OGK-5 is one of six generation companies in Russia involved in the privatisation process, with assets located around the country, including four generation plants in some of the most developed and fastest growing regions of the country:
- 2,400 MW of gas-fired capacity at Konakovskaya in the Tver Region (Central Russia);
- 1,290 MW of gas-fired capacity at Nevinnomysskaya in the Stavropol Region (Southern Russia);
- 3,800 MW of coal-fired capacity at Reftinskaya in the Sverdlovsk Region (Urals);
- 1,182 MW of gas-fired capacity at Sredneuralskaya in the Sverdlovsk Region (Urals).
In 2007 OGK-5 posted revenues of 33,465 million roubles, an operating profit of 1,768 million roubles and net income of 1,995 million roubles. Output in 2007 came to 36.346 TWh.
For the dissemination to the public and the storage of regulated information made available to the public, Enel S.p.A. has decided to use respectively the platforms “eMarket SDIR” and “eMarket Storage”, both available at the address www.emarketstorage.com and managed by Spafid Connect S.p.A. with registered office in Milan, at Foro Buonaparte, 10. The aforementioned services are authorized by Consob (resolution No.19878 of February 15th, 2017, related to the mechanism for the dissemination to the public of regulated information “eMarket SDIR” and resolution No. 19879 of February 15th, 2017, related to the mechanism for the central storage of regulated information “eMarket Storage”).
From May 19th 2014 to June 30th 2015, Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated “1Info”, available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by Consob with resolution No. 18852 of April 9th, 2014.