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Friday, November 09, 2007

Itera may IPO 25% of authorized capital

MOSCOW, November 8 (RIA Novosti) - Itera might place 25% of its charter capital during an initial public offering planned for 2008, the head of the Russian natural gas producer said on Thursday. Vladimir Makeyev said it would be up to shareholders to make a final decision. Itera plans to spin off its oil assets following recommendations from investment banks, and will only retain its gas assets and trading companies. Renaissance Capital bank will organize the sales. Sergei Vorobyov, deputy chairman of the company's board, said Itera would sell its oil assets by the end of the first quarter of 2008. Their appreciation is $500 million, and they will most likely be sold in parts, he said. Vorobyov also said the company expected its net profit to grow 40% in 2007 to reach 2.8 billion rubles. Earnings will total 30 billion rubles, or 25% more than last year, he said. The independent natural gas producer has authorized capital of 60 mln rubles ($2.4 mln). The company is 99.99% owned by Itera Holdings Limited

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