OJSC “Power Machines” has placed 1,492 billion shares (which constitute 17.13% of its new charter capital) at the price of RUR 4.69 per share thus having completed the additional share issue. The additional shares have been placed with both the existing shareholders and Russian and western portfolio investors. The cost of emission has reached RUR 6,997,480,000 which is equal to USD 274.4 million (in accordance with the rate of exchange of the Bank of Russia as at August 7, 2007).
Shareholders entitled to the preemptive right to purchase the shares being placed have purchased 87.37% of the additional shares of OJSC “Power Machines.” As a result of the additional share issue the major shareholders have retained their share in the charter capital of the company: OJSC “Holding Company Interros” holds 30.4% of shares of the company and OJSC “RAO UES of Russia” and Siemens each holds 25% + 1 share of the company.
OJSC “Power Machines” intends to use the funds obtained through the additional share issue for the investment program which provides, inter alia, for the technical upgrading of and building new production facilities.
The scheduled budget of the program for 2007 equals to USD 145 million.
As a result of the additional share issue the charter capital of OJSC “Power Machines” has increased from RUR 72,169,387.08 up to RUR 87,089,387.08 (8,708,938,708 ordinary shares having par value of RUR 0.01 each).