OREANDA-NEWS. September 20, 2007. Public auctions were held to sell the shares in energy retail companies owned by RAO "UES of Russia".

The auctions were arranged by the Accredited Agent of RAO "UES of Russia", OAO "Urals Energy Management Company". The bids were accepted from 3 September through 14 September 2007.

The following stakes were put up for sale were as follows: 49% of OAO "Bryansk Retail Company" with the reserve price of RUB375 million; 49.01% of OAO "Voronezh Energy Retail Company" (RUB300 million); 100% of OAO "Karelia Energy Retail Company" (RUB350 million); 50.11% of OAO "Komi Energy Retail Company" (RUB375 million ); 49% of OAO "Tver Energy Retail Company" (RUB550 million); 49% of OAO "Udmurt Energy Retail Company" (RUB500 million).

The reserve prices equal to the market value of the shareholdings were determined based on the report prepared by a consortium of independent appraisers.

Results of Auctions

1. The 100% stake in OAO "Kareila Energy Retail Company" was acquired by OOO "Transneftservis S" for RUB 350 million.

2. The 49.01% stake in OAO "Voronezh Energy Retail Company" was acquired by OOO "KT Proekt Investment Company" for RUB300 million.

3. The 49% stake in OAO "Tver Energy Retail Company" was sold to OOO "Khronos" for RUB550 million.

Upon completion of the auctions, RAO "UES of Russia" and the auction winners signed auction protocols and the Share Purchase Agreements in respect of the shares in the energy retail companies.

The auctions to sell shares in OAO "Bryansk Retail Company", OAO "Udmurt Energy Retail Company" and OAO "Komi Energy Retail Company" were not held as the auction participants failed to confirm the reserve price.