PRESS: Ministry, Rosseti mull consolidation of TNS Energo – sources

MOSCOW, Jun 23 (PRIME) -- The Energy Ministry and power grid holding Rosseti are studying two options of consolidating assets of power seller TNS Energo as part of solving the problem of its growing debts to Rosseti, Kommersant business daily reported Tuesday citing sources.

Under one of the scenarios, TNS Energo’s shares will be purchased by Yantarenergosbyt, a unit of Rosseti. The second option encompasses joint participation of VTB Bank and Rosseti: in this case, VTB Bank will become the majority shareholder of TNS Energo by boosting its stake to 50% minus one share from 19.9%, while Rosseti will become the owner of 19.9%.

A source familiar with the talks said the current market value of TNS Energo is negative, thus the purchase could be made for a token sum if the deal takes place.

TNS Energo’s CEO Sergei Afanasyev told Kommersant that the company is holding debt restructuring talks with Rosseti. The overdue debt to the holding amounts to around 23 billion rubles, he added.

(69.4835 rubles – U.S. $1)

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