OGK-5, a power generating company, has announced an investment counselor contest in order to issue an extra share holding targeted at attracting more investments, reports the spokesperson for SverdlovEnergo JSC.

OGK-5 was the first of the five generating companies to be allowed to pilot the extra issues by RAO UES of Russia, the majority shareholder.

Since RAO UES of Russia does not have any settled decisions as to the ways of attracting investments at the moment (and the application deadline is July 5, 2006), OGK-5 is asking its potential investment counselors to present their skills in all of the three possible ways of placing the extra issue (that is, initial public offering at Russian MICEX and RTS stock exchanges as well as at London Stock Exchange, selling the issue to the company’s strategic partner, and the combination of the two).

The company’s report says that OGK-5 intends to go ahead with the extra issue in the fourth quarter of 2006 or the first quarter of 2007.

The Board of Directors of RAO UES of Russia agreed to let its generating companies pilot the extra issues on June 23, 2006. OGK-5 is the first one, to be followed by OGK-3, OGK-4, and TGK -3 (MosEnergo) and TGK-9.