Moscow, 20 December 2006. The Extraordinary General Meeting of shareholders of OAO "WGC-3" approved the increase of the Company's authorized capital through issuance of 18 billion additional ordinary shares, par value RUB1 per share.
The shareholders also adopted amendments to the Charter of OAO "WGC-3" to reflect the maximum number of additional shares authorized for issuance by WGC-3 (18 billion shares, RUB1 par value each).
The additional shares will be offered to the public. The Board of Directors of WGC-3 will determine the public offering price after the expiration of the pre-emptive right of WGC-3 shareholders to acquire the additional shares. The new shares will be offered to the shareholders having the pre-emptive right to purchase them is to be determined by the WGC-3 Board after the pre-emptive right period.
The company will use the proceeds from the sale of shares to finance its capacity expansion projects at the Cherepetskaya, Kharanorskaya, Yuzhnouralskaya, and Kostromskaya TPPs.
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OAO "WGC-3" was registered with the authorities on 23 November 2004 in the city of Ulan-Ude, Republic of Buryatia. The installed capacity of the power plants owned by OAO "WGC-3" is 8,497 MW. The Company is headed by Director General Maxim Kuznetsov. In February 2006, WGC-3 shares were admitted to trading on the MICEX and RTS Stock Exchanges. in July 2006, the company's shares were included in the MICEX "B" Quotation List. Today, the free float of WGC-3 is about 40 percent, and 59.7 percent is owned by RAO "UES of Russia".
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