Moscow. 18 June 2008. Today a public auction was held to sell the 100% stake in OAO "Tyumen Energy Retail Company" owned by RAO "UES of Russia".
The public auction was arranged by the Accredited Agent, OAO "UEUK", in accordance with the applicable laws of the Russian Federation and the resolution of the Board of Directors of RAO "UES of Russia" dated 31 August 2007. Bids were accepted from 21 May through 17 June 2008, inclusively.
The start price of the auction, equal to the fair market value determined based on the report prepared by a consortium of independent appraisers, was set at RUB 3.620 billion. The price increment was set at RUB 20 million.
There were two bidders for the 100% stake in OAO "Tyumen Energy Retail Company".
The winner of the auction was "Mezhregionenergosbyt", which offered the highest price for the shareholding - RUB 5.700 billion. The price at which the stake was sold at the auction exceeded the start price by more than one and a half times and the company got a private strategic investor.
After the auction RAO "UES of Russia" and the winner of the auction signed the Auction Protocol and the Agreement on purchase of the stake in OAO "Tyumen Energy Retail Company".