CJSC “ODC Okhta” Converted into Open Joint Stock Company

On October 8, CJSC “ODC Okhta” – the ordering party in the construction project of the community and business complex Okhta-Center – received a certificate of conversion into an open joint stock company (JSC).

The next step in implementation of the decision of St.Petersburg Administration, JSC Gazprom and JSC Gazprom Neft related to joint project realization of the community and business complex Okhta-Center will become an issue of shares of JSC“ODC Okhta”.

Thus, St.Petersburg Administration’s participation in the project will be placed on record. As agreed earlier, 49% of the JSC“ODC Okhta” authorized capital will belong to the city and 51% of the company stock – to JSC Gazprom Neft. Financing of the construction project will be provided by co-investors on a pro-rata basis as stated above.

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In Russia, the Okhta-Center project represents a unique example of creating a new urban area where the functions of a most modern business center and a wide range of public functions are combined.

Apart from office space, there will be a theater and concert hall, a museum of contemporary arts covering an area of 34,000 sq. m, a stadium, a swimming pool and a number of gyms, linear park zones, cafes and restaurants.

On the whole, according to the decision of the Commission for Examination and Implementation of Strategic Projects in St.Petersburg 35 percent of the overall Okhta-Center space will be allocated for public facilities.