The document was drafted by the Ministry of Energy under Presidential Executive Order No. 1567 On Russian Grids of November 22, 2012 and Executive Order No. 457 On Increasing the Statutory Capital of Russian Grids of May 3, 2013.
Under these presidential executive orders, the Inter-Regional Distribution Grid Holding Company (MRSK) is to be renamed Russian Grids. For its part, the Russian Federation will contribute 79.64% of federally owned shares of the Unified Energy Systems (FSK UES) to the statutory capital of Russian Grids as payment for additional shares issued by Russian Grids as a result of an increase in its statutory capital. The Russian Federation will continue to own part of the FSK UES statutory capital in the amount of at least one share.
Currently, the Russian Federation owns 1,009,146,513,086 shares of FSK UES. Under the directive, the statutory capital of Russian Grids will receive 1,009,146,513,079 shares of FSK UES.
Independent appraisers estimate the cost of federally owned FSK UES shares at 286 billion roubles and the cost of one FSK UES share at 0.28 roubles, and the cost of one MRSK share at 2.79 roubles as part of the 100% share parcel.
The directive introduces changes to the planned forecast (programme) for the privatisation of federal property and specific guidelines for federal property privatisation for 2011-2013, which were approved by Government Directive No. 2102-r of November 27, 2010, as well as to the list of public liability companies, with regard to which the position of the shareholder, the Russian Federation, is determined by the Government. The list was approved by Government Directive No. 91-r of January 23, 2003.