MOSCOW, February 20 (RIA Novosti) - The Moscow electricity utility Mosenergo plans to begin issuing additional stock worth $1 billion in March 2006, the company's first deputy CEO said Monday.
Dmitry Vasilyev said, "We are planning to start preparations for the issuance of an additional $1bln of Mosenergo shares, to be completed in March 2007."
Vasilyev said the company expected its 2005 net profits to come to $77 million, according to the Russian Accounting Standards.
Mosenergo's net profits totaled $78.44 million in 2004, but slightly declined in 2005 after its reorganization, through which 14 entities separated from the parent company, Vasilyev said.
