OREANDA-NEWS. RAO "UES of Russia" announces upcoming auctions to sell 49 percent shares in OAO "Nizhny Novgorod Retail Company".

The public auction to sell the stake held by RAO "UES of Russia" will be held on 22 May 2007. Bids will be accepted from 16 April through 21 May 2007.

The auction reserve price for the share holdings in OAO "Nizhny Novgorod Retail Company" determined by an independent appraiser was RUB750 million with a price increment of RUB25 million.

The auction will be arranged by OAO "Urals Energy Management Company", an Accredited Agent of RAO "UES of Russia". Both Russian and foreign legal entities and natural persons may take part in the auction. The bidder that offers the highest price will be named the winner.