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Banking

Power Machines to make additional share issue in 2007.

Power Machines to make additional share issue in 2007. Russia’s largest energy equipment producer Power Machines’ BoD approved the plan of floating additional share issue, the company’s press office said. The details of the issue are not set yet, however, the issue is expected in 2007. The funds earned will be used in the company’s investment program which is aimed at doubling its output. Reportedly, the planned issue will amount to USD 300mn (or some 30% of the company’s current market capitalization). Interros holding controls 30.4% in the company, power monopoly RAO UES and Siemens have 25% + one share each and portfolio investors own 19.5% in Power Machines. RAO UES is also the company’s leading client. According to Power Machines representative, each of its three major shareholders will keep a blocking package.

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