Results of the Board of Directors Meeting on April 19, 2019
April 23, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on April 19, 2019.
The Board of Directors approved the report on execution of the Annual Comprehensive Procurement Program of PJSC RusHydro for 2018.
The Company has carried out 2,120 procurement procedures in 2018 with 99% of competitive tenders carried out in electronic format. Small and medium size businesses represented 76% out of the total number of procurement procedures. The effect of carrying out procurement procedures amounted to RUB 1.7 bn.
The Board of Directors approved the sale and purchase agreement of the movables of Khorobrovskaya small HPP (installed capacity 0.16 MW). The sale will be carried out in the form of an auction on electronic trading platform.
The Board of Directors approved gratuitous transfer of Bekanskaya small HPP (installed capacity 0.5 MW) to the Administration of Ardonskiy District of the Republic of North Ossetia – Alania.
The Board of Directors authorized the representatives of PJSC RusHydro at the general meeting of JSC Ust-Srednekanskaya HPP to approve supplemental agreement to the rent agreement of real estate and movables with PJSC Kolymaenergo, as a major transaction. The need in the supplemental agreement arises from the procedure, set by RusHydro strategy, prescribing leasing of facilities under construction and relevant off-site infrastructure upon commissioning to operational companies in respective region. PJSC Kolymaenergo, is the operational company in the Magadan region and the third hydropower unit of Ust-Srednekanskaya HPP was commissioned. The first and second hydropower units were leased out to PJSC Kolymaenergo in 2013 under the same procedure.
The Board of Directors took into consideration the Ministry of Energy of the Russian Federation’s off-site audit results on the construction progress of RusHydro Group’s investment projects.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PJSC “RusHydro” (“RusHydro”). One can identify forward-looking statements by terms such as “expect”, “believe”, “anticipate”, “plan”, “aim”, “target”, “forecast”, “project”, “should”, “estimate”, “intend”, “will”, “could”, “may” or “might”, the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.
Shares / ADR