Russian hydropower holding HydroOGK said Thursday it will start trading its consolidated shares on domestic stock exchanges from Monday.
Russian hydropower holding HydroOGK said Thursday it will start trading its consolidated shares on domestic stock exchanges from Monday.
The shares will trade on the Russian Trading System and the Moscow Interbank Currency Exchange Feb. 11 with a ticker symbol HYDR.
HydroOGK Chief Executive Vyacheslav Sinyugin said the company's strategic priority is to increase the company's value. However, to achieve it amid current instability on global financial markets, HydroOGK will have to take a more "conservative" look at its investment program, Sinyugin added.
Deputy CEO Vasily Zubakin said that HydroOGK will develop a five-year investment program and present it to the board of its majority shareholder RAO Unified Energy system of Russia (EESR.RS) at the end of February.
Zubakin said the company plans to invest between 75 billion rubles ($3.04 billion) and RUB95 billion this year.
A HydroOGK executive Oleg Oksuzyan said the company will issue global depository receipts in the summer. Zubakin told journalists that GDRs issue will amount to 4%-4.5% of HydroOGK's charter capital.
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