Samruk-Kazyna JSC decided to acquire 50% stake in Ekibastuz-2 Power Station JSC from Inter RAO PJSC. Thus, the Fund will become the owner of 100% stake in Ekibastuz GRES-2. The transaction is scheduled to be completed at the end of 2019 in accordance with the Road Map for the project.
It should be noted that Inter RAO sells its share in Ekibastuz-2 Power Station under market conditions, but the price of the transaction cannot be disclosed until its completion. However, it should be stressed that acquisition of this asset is logical, given that the Fund already owns 50% share in Ekibastuz GRES-2.
In turn, the closing of the transaction depends on execution of certain conditions, including the approval of the transaction by the management bodies of the parties, obtaining the consent of the creditor banks of Ekibastuz-2 Power Station to change the shareholder, etc.
In addition, Inter RAO reported that the decision on withdrawal of the company from Ekibastuz GRES-2 was due to the intention to focus on its key market - in Russia. After closing the transaction on sale of a share in Ekibastuz GRES-2, Inter RAO will have no assets in the Republic of Kazakhstan. A modernization program for generating equipment will be launched in Russia in the near future, and Inter RAO intends to be fully involved in it.
Joint-Stock Company “Sovereign Wealth Fund “Samruk-Kazyna” is the Fund where the Government of the Republic of Kazakhstan is the Sole Shareholder. The Fund was established in 2008 in accordance with the Decree of the President of the Republic of Kazakhstan and represents a commercial structure: an investment holding company the mission of which is to increase the national welfare of the Republic of Kazakhstan, and long-term sustainability for future generations. Samruk-Kazyna achieves its mission through implementation of strategic goals and four strategic initiatives such as improving profitability of companies, optimization of portfolio structure, income diversification & corporate governance and sustainable development. The value of the Fund’s assets is about US$ 67 billion. Samruk-Kazyna group includes companies in the oil and gas, transport and logistics sectors, chemical and nuclear industries, metals and mining, energy.
Inter RAO - Russian Power Company that manages assets in Russia, as well as in Europe and the CIS. Inter RAO is engaged in generation and sale of power and heat, international energy trading, engineering, design and construction of power facilities.