Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

EuroSibEnergo IPO Delayed

Electricity firm EuroSibEnergo has decided against an initial public offering this year due to weak markets, company owner Oleg Deripaska said.

"There won't be an IPO this year. We will wait until the market conditions become more favorable," Deripaska said in comments cleared for Tuesday publication.

EuroSibEnergo will not pay dividends for 2011's results since the company posted net losses according to Russian accounting standards for last year, the company said separately. However, according to international financial reporting standards, the company boosted net profit 55.2 percent to 13.85 billion rubles ($430 million) in 2011.

(Reuters, MT)

Read more