Moscow, 28 February 2008. Today, RAO "UES of Russia" held an auction to sell its 14.17 percent stake in OAO "Novosibirskenergo".
The public auction with open bidding was arranged by the Company's Accredited Agent, OAO "UEUK", in accordance with the current laws of the Russian Federation and pursuant to the resolution of the RAO UES Board of Directors of 25 May 2007. Bids were accepted from 18 February through 27 February 2008.
The auction start price of RUB3.2 billion was determined by an independent appraiser approved by the Appraisal Committee of the RAO UES Board of Directors. The price increment was RUB50 million.
There were two bidders for the Novosibirskenergo stake. The auction winner was ZAO "Renaissance Capital", which offered the highest price for the shares, RUB3.4 billion. The auction price was RUB200 million higher than the reserve price.
After the auction, RAO "UES of Russia" and the auction winner signed the Auction Protocol and the Share Purchase Agreement in respect of the Novosibirskenergo stake. The buyer will not become the owner of the shares purchased by it until the shares are fully paid for within 30 calendar days of the SPA execution date.
The installed capacity of the power plants of OAO"Novosibirskenergo" is 2,522 MW of electricity and 6,782 Gcal/h of heat. The length of the overhead transmission lines is 45,132.7 km. The installed capacity of the transformer substations is 7,161,300 kVA.