Kuzbass Energy Sales Company - KuzbassEnergoSbyt

active

On May 22, 2007, the company Mechel-Energo, a subdivision of a coal and steel conglomerate Mechel, won an auction for a 49% stake in Kuzbass Energy Sales Company (JSC Kuzbassenergosbyt) previously owned by UES of Russia. Kuzbassenergosbyt, the regions largest power distribution company, started operation in July 1, 2006, after it spun off from the energy generation company Kuzbassenergo. Kuzbassenergosbyt purchased electricity at the wholesale market and sold it to residential, industrial and commercial customers on the territory of Kemerov Oblast. Mechel, the Russian metals and metallurgy giant, obtained the shares in the sales auction held on May 22 without competition, it bought the stake at the starting price of US$ 44.2 million (RUR 1.14 billion). Mechel previously owned 1.2% of shares in Kuzbassenergosbyt, its stake increased to 50.2% after the purchase. In August of the same year, Mechel informed the Board of Directors of Kuzbassenergosbyt and the minority shareholders about its offer to buy minority shares at a price of US$0.3 per share. As a result, in November 2007, Mechel owned 437,274,855 shares of Kuzbassenergosbyt or 72.14% of its charter capital. As of end of 2011 Mechel still owns 72% of the company. http://www.kuzesc.ru/ capex info for 2008-2010 http://markets.ft.com/Research/Markets/Tearsheets/Financials?s=kzsb:RTS&subview=CashFlow