Kuzbasskaya Energoremontnaya Kompaniya, OAO signed a sale-purchase agreement to acquire Reftinskaya GRES, OOO from Public Joint-Stock Company Enel Russia (MISX:ENRU) for RUB 24 billion on June 6, 2019. As reported, the sale price shall be no less than RUB 21 billion, net of VAT and subject to adjustments, and on top of that a contingent component of up to RUB 3 billion total payable within 5 years from completion subject to specific conditions. As of June 20, 2019, Kuzbasskaya Energoremontnaya Kompaniya, OAO entered into a sale and purchase agreement to acquire Reftinskaya GRES, OOO from Public Joint-Stock Company Enel Russia. The sale is subject to approval at Extraordinary General Shareholders’ Meeting of Enel Russia to be held on July 22, 2019. The sale is recommended to the Extraordinary General Shareholders’ Meeting and voted in favour by Board of Directors of Enel Russia. The sale is also subject to the approval from the Russian Federal Antimonopoly Service. As of July 23, 2019, the sale is approved by the shareholders of Public Joint-Stock Company Enel Russia. The expected timeline for the transfer of Reftinskaya GRES ownership to JSC “Kuzbassenergo” is within 18 months from the entry into effect of the sale-purchase agreement. Sberbank of Russia acted as financial advisor to Enel Russia.