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Moscow, 28 October 2005. Today, OAO "Kalmenergosbyt" was registered with the Inspectorate of the Federal Tax Service of Russia for the city of Elista, Republic of Kalmykia.
OAO "Kalmenergosbyt" is a wholly-owned subsidiary of RAO "UES of Russia" created as a result of reorganization of OAO "Kalmenergo".*
The authorized capital of the Company is RUB5 million divided into ordinary shares of RUB1 par value. Valery Churyumov was appointed Director General of OAO "Kalmenergo".
The following persons were elected to the Board of Directors of OAO "Kalmenergosbyt": Valery Churyumov, Director General of OAO "Kalmenergosbyt"; Alexey Petrov, Manager of Energy Retail Directorate of Business Unit No. 1, RAO "UES of Russia"; Georgy Arkhipov, Aide to Executive Director of Business Unit No. 1, RAO "UES of Russia"; Alexander Fedorov, Leading Specialist of Strategy Department of the Reform Management Center, RAO "UES of Russia"; and Maxim Petrukhin, Chief Expert of the Investment Policy Department of the Corporate Center, RAO "UES of Russia".
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* The restructuring plan of OAO "Kalmenergo" was adopted by the Board of Directors of RAO "UES of Russia" on 25 February 2005. As OAO "Kalmenergo" does not have its own heat or electricity generation facilities, or heating networks, the energy company's restructuring plan provides for the unbundling of its energy retail and power network businesses by establishing a wholly-owned subsidiary of RAO "UES of Russia", OAO "Kalmenergosbyt".
OAO "Kalmenergosbyt" will lease from OAO "Kalmenergo" the assets needed for its core activities, with an option to buy. In due course, OAO "Kalmenergosbyt" will become a guarantee supplier in the Republic of Kalmykia and will purchase electricity on the wholesale market and resell it to consumers.
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