RAO UES of Russia to sell SverdlovEnergoSbyt

13 February 2007 (08:46)

The Board of Directors of RAO UES of Russia approved of the share-selling auctions schedule for the first quarter of 2007. The company is going to sell shares of a number of power supplying enterprises, namely, those of SverdlovEnergoSbyt and OhrenburgEnergoSbyt, and stock of supplying companies based in Belgorod, Vologda, Kola Peninsula, Kuban, Kuzbass, and Nizhniy Novgorod. The dates of the auctions are to be announced in March 2007, the auctions themselves will take place this April. The original decision to sell the shares was made by the Board on December 8, 2006, reports the spokesperson for SverdlovEnergoSbyt.

The shares are to be sold by an open auction, with the opening bid set at its market equivalent as determined by an independent expert. Most stock holdings are expected to be sold in 2008, prior to the company’s reorganization.

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