Meeting of the Board of Directors of OJSC Irkutskenergo is held in Moscow on April 5, 2013

On April 5, 2013, the Board of Directors of OJSC Irkutskenergo held a meeting in Moscow over the issues related to the Company’s operations. The members of the Board of Directors approved a number of non-arm's length transactions, including a sale and purchase agreement concluded with LLC Vostsibugol; under the agreement, LLC Vostsibugol shall transfer 400 open freight cars to OJSC Irkutskenergo. The total value of the railcars was calculated by an independent appraiser based on the market value and was estimated at RUB 904.569 mln net of VAT (18%).

Evgeny Fedorov, CEO of OJSC Irkutskenergo: “This transaction is aimed at optimizing the loan portfolio of LLC Vostsibugol and the logistics of OJSC Irkutskenergo. Thus, in 2013, Vostsibugol will be able to use additional funds for financing the investment and repairs program as part of its core business.”

Press-service of OJSC Irkutskenergo

April 08, 2013
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