OREANDA-NEWS. May 22, 2007. RAO "UES of Russia" held a public auction to sell its 49 percent stake in OAO "Kuban Energy Retail Company".

The public auction was arranged by the Company's Accredited Agent, OOO "Metropol Investment and Finance Company", in accordance with the applicable laws of the Russian Federation and the resolution of the Board of Directors of RAO "UES of Russia" of 9 February 2007**. Bids were accepted from 7 May to 18 May 2007.

The 49 percent stake in OAO "Kuban Energy Retail Company" was sold at RUB850 million, the price determined based on the valuation report prepared by an independent appraiser. The shareholding was sold to "Stroiservis" company.

Upon the completion of the auction, RAO "UES of Russia" and the auction winner signed an Auction Memorandum and the Share Purchase Agreement in respect of the shares in OAO "Kuban Energy Retail Company" held by RAO "UES of Russia".