Support The Moscow Times!

RusHydro Starts Offering

Hydroelectric power company RusHydro started a share placement on Wednesday in which the state was expected to be the only significant buyer, effectively turning the capital-boosting exercise into a mini-nationalization.

RusHydro is offering 110 billion shares at 1 ruble apiece to fund projects in Russia's far east, meaning that if fully sold the offering would raise $3.6 billion.

Analysts predicted much of the stock would go unsold, as investors are turned off by the new issue's overpricing in relation to the market and concerns over the profitability of the planned Capex projects it will fund.

The government will inject 50 billion rubles ($1.6 billion) plus equity stakes in other power companies, which could up its stake to as much as 66 percent from the current 60.5 percent.

(Reuters)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more