OREANDA-NEWS. On 17 March 2008 was announced, that RAO UES Tender Commission reviewed the bids for the 33.47% stake in PJSC "TGC-2" owned by RAO "UES of Russia", which are attributable to the government stake.

Interest in the TGC-2 shares was expressed by Russian and foreign strategic investors, including International Power (UK), Mitsui (Japan), RWE and Evonik (Germany), Gazprombank, Norilsk Nickel Mining and Metallurgical Company and Prosperity Capital Management. The best bid was received from Kores Invest.

Kores Invest offered RUR9.3 billion (\\$392.9 million) for the 33.47% stake in TGC-2, or RUR0.025 (\\$0.001055) per ordinary share. This is 11% higher than the weighted average price of TGC-2 shares in January and February 2008, and corresponds to \\$568 per kilowatt of the company"s installed capacity.

Kores Invest has also expressed intention to take part in the open subscription for TGC-2 additional shares. Subscriptions for TGC-2 additional shares will be accepted from 28 March 2008 to 9 April 2008.

The proceeds from sale of the "government stake" in TGC-2 will be used to finance the deficit of the FNC (Federal Network Company) investment programme. The proceeds from the additional share issue will be used by TGC-2 to implement its investment projects: new capacity will be brought on line in all areas of company operations, primarily in the Vologda, Novgorod, and Yaroslavl energy systems, where energy shortages are especially acute.

After the sale of the "government stake" and the share offering, RAO UES will hold at least 11.38% of TGC-2. These shares will be distributed among the minority shareholders in RAO "UES of Russia" after the company"s reorganization is completed.