The proceeds from this will enable the power firm to go on a shopping spree and raise its market capitalization to $15 billion by 2010 from just $2 billion now, according to the firm’s head, Evgeny Dod.
Dod told reporters that the company expects its current free float to increase significantly when it proceeds with a secondary share offering in 2010. He also said Inter RAO plans to acquire new power generating assets in Russia and abroad, to more that triple its generating capacity to 30,000 megawatt by 2015, from 8,000 now. The firm expects revenues to reach $2 billion this year and core earnings (EBITDA) to be $250 million. The Russian state controls 58% in Inter RAO and state gas monopoly Gazprom has 7.5%. (Reuters)