OREANDA-NEWS. On August 09, 2007 the Federal Service for the Financial Markets (FSFM) of Russia adopted a resolution permitting the placement and circulation of ordinary shares of OAO "WGC-5" and OAO "TGC-5" outside the Russian Federation, reported the press-centre of  RAO "UES of Russia"..

Up to 20% of WGC-5 shares and up to 15% of TGC-5 shares may also be traded abroad. Now that the regulator has granted its approval, the companies may launch their DR programs.

To date, WGC-5 and TGC-5 have entered into deposit agreements with The Bank of New York to issue Global Depositary Receipts under Regulation S (Reg S DRs). It will make it possible for DR holders of RAO "UES of Russia", as part of Phase 1 of RAO UES Reorganization, to receive DRs of the generation companies within a few weeks upon the completion of the first phase.

The WGC-5 and TGC-5 DRs will be issued to only to those foreign shareholders that provide proof of their entitlement to the GDRs to the depositary banks of RAO "UES of Russia". The remaining investors will receive funds from the sale of the companies' shares they are entitled to.