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IES to sell non-core assets
RBC, 09.07.2008, Moscow 15:58:52.IES Holding plans to complete the sale of its non-core assets and raise up to $1bn from the deal, the Russian energy holding's President Mikhail Slobodin told journalists today. In particular, IES intends to pull out from grid and service companies, as well as to sell a number of non-core assets in TGKs placed under the holding's control. The move is expected to take from 6 to 12 months, although the process may be delayed if the market situation proves to be unfavorable, Slobodin said. He stressed that the IES was unlikely to face problems related to its simultaneous ownership of power generation and grid companies, as the holding was a minority shareholder in TGKs. Slobodin also confirmed that IES was looking to sell its subsidiary IES EnergoStroyEngineering. Negotiations are currently underway, and IES has already received several attractive offers, so the talks are likely to be over soon, Milovidov said, adding that the selling price would be considerably higher than $100m.
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