OREANDA-NEWS. May 24, 2007. On an auction held on 22 May 2007 Integrated Energy Systems (IES) purchased RAO "UES of Russia"'s stakes in two energy retail companies - OJSC "Sverdlovenergosbyt" (49%), and OJSC "Orenburgenergosbyt" (100%). The price of this acquisition was 1,15 bln rubles and 1,1 bln rubles respectively. Taking into account OJSC "Sverdlovenergosbyt" shares already owned by IES, its shareholding in this company reached more than 78%.

"An acquisition of energy retail companies' shares is a logical step in the business development of IES, which considers the energy sector as a sphere of its strategic interests, - said IES President Mikhail SLOBODIN commenting on the results of the auction. - IES builds a long-term complex strategy on business-development in the sector of energy sales to consumers - industrial and private".

IES having been a minor shareholder in OJSC "Sverdlovenergosbyt", took active part in working out and realization of its development strategy. "IES's management is very well aware of energy retail specifics in this region. The business policy of this company is also clear to us. All this helps to ensure continuity in relations with this company's partners and mainly with consumers", - he underlined.

An acquisition of OJSC "Orenburgenergosbyt" shares is conditioned by the fact that this energy retail company is a well-structured and dynamically developing business, which operates in promising and well industrialized region. "I am sure that we will be able to establish effective operations in this new region", - IES President noted.