The share issue was almost fully subscribed by Fortum at RUB111.8 per share. Fortum had earlier announced that it will participate in the share issue on February 29, 2008, when it won the share auction for an over 29% stake in TGC-10.
The total value of Fortum’s subscription, and that of the entire share issue, was approximately RUB46.6 billion. With this subscription, Fortum’s ownership in TGC-10 will increase to slightly over 76% shares and voting rights.
The capital increase will remain in TGC-10 and will be used to finance its committed capacity investment program planned at E2.2 billion.
TGC-10 is a territorial generating company operating in the Ural region of Russia. The company’s total installed capacity is 3,000MW of electricity and 15,800MW of heat. TGC-10’s committed investment program is planned to further increase its electricity production capacity with 2,300MW by 2013.
