Share holdings of repair and service companies belonging to RAO UES affiliated companies will be put up for sale.
On July 31, within the limits of the scheduled meeting, the members of JSC Novgorodenergo Board of Directors will consider the problem of termination of participation in JSC Novgorodelektrosetremont.
The resolution on participation in JSC Novgorodelektrosetremont, which carried out repair of the power company grid, was adopted by the Board of Directors of Novgorodenergo in April 2004 during realization of the Company restructuring program and with a view to increase efficiency of the basic business and investment appeal of the power company, as well as to create the competitive environment in the market of grid facilities repair.
The capital stock equaled RUR 20 013.39 thousand at foundation of the company including fixed assets in the amount of RUR 15013.4 thousand and monetary resources in the amount of RUR 5 million.
Strategy of development of JSC RAO UES of Russia provides decrease in affiliation with regard to dependent companies. In March 2007 the Management Board of RAO UES adopted a standard for organization of share holdings sale of the repair and service companies belonging to RAO UES affiliated companies.
The schedule of decrease in affiliation of JSC Novgorodelektrosetremont was developed on the basis of this standard.
The resolution on termination of participation in other companies is referred to the competence of the Board of Directors of the Company, therefore the resolution on the share holding sale will be adopted by members of Novgorodenergo Board of Directors.
The resolution on termination of participation of JSC Arkhenergo in JSC Arkhangelsksetremont was approved on July 17 among the companies belonging to the zone of responsibility of IDGC of the North-West. On August 15 the Board of Directors of Komienergo will consider the problem of termination of the Company participation in JSC Elektrosetservis.