OREANDA-NEWS. The Board of Directors of RAO "UES of Russia" has approved the amended programme for the preparation and placement of additional shares in OAO "TGC-5". The capital increase at OAO "TGC-5" is primarily designed to raise funds needed to finance the company's investment programme.

RAO UES representatives on the Board of Directors and at the shareholder meeting of OAO "TGC-5" were instructed to vote for the proposal to issue 329,734,150,582 additional shares, 1 kopeck par value each, through open subscription. The payment for such shares is to be made in cash.

The offering price for such additional shares will be determined through a tender process with the participation of strategic and financial investors. If the strategic investor offers a better price, all of the shares may be sold to such investor. The share price for the shareholders having a right of first refusal to buy such shares and for other persons will be the same.

The Board of Directors approved the change of the Company's interest in OAO "TGC-5" from 64.83 percent to not less than 47.45 percent.