Moscow 27 March 2008. Today, RAO "UES of Russia" held an auction to sell its 93.15 percent stake in OAO "Central Design Bureau for Modernization and Repair of Power Generating Equipment of Power Plants" ("CKB Energoremont").
The 48.99 pecrent stake held by RAO "UES of Russia" and the 44.16 percent stake held by minority shareholders of OAO "CKB Energoremont" were put up for sale in the auction. Bids were accepted from 12 February to 26 March 2008.
The start price for the stake in "Central Design Bureau for Modernization and Repair of Power Generating Equipment of Power Plants" was RUB1 billion, which is equal to the fair market value of determined by an independent appraiser.
The auction to sell the 93.15 percent stake in OAO "CKB Energoremont" was won by OAO "Territoriya", which offered RUB1,050 million for the shares. The winning bid was RUB50 million higher than the auction start price.
There were three bidders for the CKB Energoremon shares.
After the auction, the share purchase agreements were signed with the auction winner and with each of the sellers of shares in CKB Energoremont.