OREANDA-NEWS. OAO "Volzhskaya TGC" has completed all the legal and corporate procedures required to consolidate its subsidiaries. Today, OAO "Samara Generation Company", OAO "Saratov Generation Company", OAO "Ulyanovsk Generation Company" merged with and into OAO "Volzhskaya TGC".

Today's merger of the three RGCs with Volzhskaya TGC completes the final phase of Volzhskaya TGC reorganization. Shares of the RGCs were converted into Volzhskaya TGC shares, and all shareholders in the RGCs became shareholders in the TGC. After the placement report on the new share issue is registered with the FSFM of Russia, RAO "UES of Russia" will hold a 54.47 percent stake in OAO "Volzhskaya TGC".

At its meeting of 25 May 2007, the Board of Directors of RAO "UES of Russia" approved the programme for preparation and issuance of new shares in Volzhskaya TGC. The company is authorized to issue 3,859 million new shares, which makes 12.87 percent of its authorized capital after the share issue. The shares will be offered to the general public through "open subscription".