OREANDA-NEWS. The Board of RAO UES approved the sale of part the Company's shareholding in OAO "Altayenergosbyt". After the transaction, RAO "UES of Russia" will hold at least 36.75% in Altayenergosbyt.

The restructuring of Altayenergo provides for the unbundling of its retail business by setting up OAO "Altayenergosbyt", a wholly-owned subsidiary of RAO "UES of Russia".

In this connection, the Board resolved that RAO "UES of Russia" may divest of part of its shareholding in OAO "Altayenergosbyt" in two ways.

The first possible way is the direct sale of its 25 percent plus one share stake to the Altay Kray Administration. The second way is to sell up to 1,147,499,999 ordinary shares in Altayenergosbyt, at a price equal to the fair market value determined by an independent appraiser, to the company's shareholders as of the date of its official registration.