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Unified Energy System

June 25, 2008

RAO UES sells its 49% stake in OAO Chelyabenergosbyt

Moscow 25 June 2008. RAO "UES of Russia" closed the transaction and sold its 49% stake in OAO Chelyabenergosbyt.

In accordance with the resolution adopted by the Board of Directors of RAO "UES of Russia" at its meeting on 26 October 2006 the stake in OAO Chelyabenergosbyt was sold simultaneously with the additional offering of this company's shares and for the same price.

For its stake in this energy retail company RAO "UES of Russia" raised RUB 900.401 million or RUB 0.3337 per one share. The stake was acquired by ZAO Chelyabinskoye Upravlenie Energotreidinga.

As a result of the combined sale transaction ZAO Chelyabinskoye Upravlenie Energotreidinga will become the owner of a 58,4% shareholding in OAO Chelyabenergosbyt.

The proceeds from selling of the RAO UES stake in OAO Chelyabenergo were allocated to the budget of RAO "UES of Russia" and the proceeds from the additional shares offering will be used to finance an investment project of building a coal CHPP with the installed capacity of 120 MW of electricity and 160 Gcal/h of heat in the city of Kopeisk, Chelyabinsk Region.

 

 

 

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