JSC «INTERRAO UES» and «Sistema» JSFC signed the agreement on conditions of reorganization of JSC «Bashkirenergo»

JSC «INTERRAO UES» and «Sistema» JSFC signed the agreement on conditions of reorganization of JSC «Bashkirenergo» where the interest is about 25% and about 50% of voting shares correspondingly. Due to the dealing conditions, «INTERRAO» will buy up to 40% of voting shares of  JSC «Bashkirenergo» for the price of about 14 billion RUB, after the former will be reorganized by non-proportional dividing in two companies: JSC «Bashenergoactiv» (generating  and other interest of «Bashkirenergo», excluding electricity supply network) and JSC «Bashkirskaya power supply company» (power supply network holdings of «Bashkirenergo»). As a result «INTERRAO UES» will own more than 75% of ordinary shares of JSC «Bashenergoactiv» (at the same time it will join «INTERRAO UES»), «Sistema» JSFC- more than 75% of ordinary shares of  «Bashkirskaya power supply company».The issues of reorganization of JSC «Bashkirenergo» will be on the agenda at unscheduled shareholder's meeting of JSC «Bashkirenergo» and «Sistema» JSFC in June 2012. The close of the dealing is expected to be in the fourth quarter of 2012 after termination of activity of «Bashkirenergo», making principal companies  and connection of JSC «Bashenergoactiv» to JSC «INTERRAO UES».