OREANDA-NEWS. May 05, 2008. RAO "UES of Russia" held a public auction to sell its 75 percent minus one share stake in OAO "Bureyagesstroy"*, reported the press-centre of RAO "UES of Russia".

The public auction was arranged in accordance with the applicable laws of the Russian Federation and the resolution of the Board of Directors of RAO "UES of Russia" of 30 November 2007.* Bids were accepted from 28 March through 23 April 2008.

The reserve price was equal to the fair market value of RUB176.5 million determined based on the report prepared by an independent appraiser,with a price increment of RUB2 million, and the first increment of RUB1,5 million.

The shares were sold to OOO "Regional Company Rezerv", which offered RUB1,106 billion.

There were five bidders in the auction, with the winning bid in the auction exceeding the auction start price more than six-fold.

After the auction, RAO "UES of Russia" and OOO "Regional Company Rezerv", the auction winner, signed the Auction Protocol and the Share Purchase Agreement in respect of the 75 percent stake minus one share in OAO "Bureyagesstroy".

* OAO "Bureyagesstroy" was established by RAO "UES of Russia" in 2000 as a general contractor for the construction of the Bureyskaya HPP. The company's core business is construction of hydropower and industrial facilities, and civil works.