Norilsk Nickel to Increase its Share in Buryatiya Power Engineering up to 46,5%

WGC-3 (Wholesale Generating Company) has summed up an additional emission of shares in Buryatiya. During the additional emission the company has floated 18 bln of shares for 4,54 rubles which will be fully bought by Norilsk Nickel Mining and Metallurgical Company.

Norilsk Nickel Mining and Metallurgical Company has officially stated that according to the results of the emission taking into account the earlier bought shares Norilsk Nickel Group will be able to consolidate up to 46,5% share holding of WGC-3 total amount of shares. There is a possibility for the share holding to increase due to an obligatory offer to WGC-3 shareholders to buy their shares.

At the same time Norilsk Nickel is consolidating power assets with the purpose to run an independent business managed by M. Prokhorov. A detailed plan of the project will be presented at the meeting of the board of directors planned for May 11, 2007.