May 23 (Reuters) - Portland General Electric POR.N said on Friday it plans to reorganize into a holding company and had filed a notice with the Oregon Public Utilities Commission to seek approval.
The contemplated structure involves establishing a non-operating corporate entity above its current organization, the company said.
In addition, a subsidiary would be formed to own and manage Portland General's existing and future transmission assets.
The reorganization is intended to provide potential strategic and financial flexibility as well as support the construction of new transmission assets, reliability planning, and economic development initiatives.
After completion of these steps and receipt of all required approvals, each outstanding share of Portland's common stock would automatically convert to one share of the new holding company.
Following its restructuring, Portland General Electric is set to become a fully-owned subsidiary of the proposed holding company.
(Reporting by Pooja Menon in Bengaluru; Editing by Mohammed Safi Shamsi)
((Pooja.Menon@thomsonreuters.com;))
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