Moscow 23 May, 2008. Today, RAO "UES of Russia" sold its shareholdings in OAO "Oryol Retail Company" and OAO "Ivanovo Energy Retail Company".
The 49 percent stake in Oryol Retail Company and 49.659 percent of shares in Ivanovo Energy Retail Company were sold through the ISTRA Information and Trading System for RUB130 million and RUB390 million, respectively. The shares were purchased by OOO "Stroy Deko".
The RAO UES shares in OAO "Ivanovo Energy Retail Company" and OAO "Oryol Retail Company" were not sold at the auctions held earlier. As provided in the Resolution of the Board of Directors of RAO "UES of Russia" of 30 November 2007, shares in such companies are to be sold through the ISTRA Information and Trading System. This system can be used to hold public auctions for ERC stakes. Bids can be submitted by investors who have access to the ISTRA system and a system participant's electronic digital stamp.
Interested parties are granted access to the ISTRA system on the same terms as those currently used by RAO UES for public auctions to sell the ERCs.
The key peculiarity of the ISTRA System is that after the price of the unsold parcel of ERC shares is declared, the shares are sold to the first bidder.
The next initial auction to sell ERC shares (the so-called "fifth wave of auctions") is scheduled to take place on 27 May 2008. RAO UES will auction off its stake in OAO "Tambov Energy Retail Company".