GazpromEnergoHolding (GEH) recently held a two-day investor gathering in St Petersburg, updating the investment community on its strategy and outlook. According to the company, recommended 2015 dividends will be calculated as 35% of RAS net income for Mosenergo, 35% of RAS net income for TGK-1 and 20% of RAS net income for OGK-2. This would translate into RUB600mn of dividends for OGK-2, or a 1.9% dividend yield; RUB2,244mn (4% dividend yield) for Mosenergo, and RUB936.6mn (4.7% dividend yield) for TGK-1. Moreover, management highlighted that next year the payout ratio could move to 35% of IFRS-based net profits. According to GEH management, the company has been approached with an offer to consider the acquisition of Reftinskaya GRES, although there was little clarity on any selling price. The company said it would be interested in such an asset if the conditions offered were acceptable, despite the requirement of a coal fuel source. GEH said that if the deal takes place, the acquisition would be carried out by GEH itself rather than one of its subsidiaries. Management played down the notion of any consolidation of its assets, pointing out the lengthy legal procedures required and that no agreement has been reached with blocking minority shareholders at subsidiaries. As a result, GEH does not expect any asset consolidation and a move to a single shareholding in the near term.
(c) 2016 EMBIN (Emerging Markets Business Information News) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers