| Moscow, 3 August 2006. In late July, shareholders of OAO "Dalenergo", OAO "Khabarovskenergo", OAO "Amurenergo", OAO "Yuzhnoe Yakutskenergo", and ZAO "LuTEK", held EGMs by way of postal vote. The shareholders approved some decisions aimed at completing the reforms in the energy systems in the Russian Far East.*
In particular, the shareholders approved the companies' consolidation, the Consolidation Agreement, and the Charter of OAO "Far East Energy Company" (FEEC), the new entity to emerge as a result of such consolidation. The Consolidation Agreement set the ratios to be used to convert the regional energos' shares into shares of OAO "FEEC".
Besides, the shareholders approved the acquisition of additional shares in OAO "Far East Generation Company" (FEGC) and OAO "Far East Distribution Company" (FEDC). These acquisitions are part of the reforms carried out in the Russian Far East's energy systems* to transfer the generation and distribution grid assets from OAO "Dalenergo", OAO "Khabarovskenergo", OAO "Amurenergo", OAO "Yuzhnoe Yakutskenergo", and ZAO "LuTEK" to OAO "FEGC" and OAO "FEDC", respectively.
It is anticipated, that after the reform in the East IES is completed, a single holding company, OAO "Far East Energy Company" (FEEC), will be created in the Far Eastern energy system. The Holding Company will be the only shareholder in OAO "FEEC" and OAO "FEDC".
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* The plan to restructure the energy systems in the Russian Far East was approved by the Board of Directors of RAO "UES of Russia" at its meeting held 2 September 2005. It seeks to increase reliability of the energy system in the area, create a system of control over the energy sector in the Far East after the functional unbundling of RAO "UES of Russia", and raise the capitalization and investment attractiveness of the region's energy companies.
The restructuring plan for the Far East's energy systems provides for several concurrent corporate actions. As of today, OAO "Yakutskenergo" has set up a subsidiary, OAO "Yuzhnoe Yakutskenergo", on the basis of its Southern energy area. Simultaneously, OAO "Far East Generation Company" (FEGC) and OAO "Far East Distribution Company" (FEDC) have been set up and registered with the authorities. Both companies have an authorized capital of RUB5 million.
The establishment of OAO "FEEC" is scheduled for January 2007.
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