OREANDA-NEWS. On May 22, 2008 RAO "UES of Russia" held an auction to sell its 49 percent in OAO "Penza Energy Retail Company". Bids were accepted from 12 May 2008 until 21 May 2008, reported the press-centre of RAO "UES of Russia".

The public auctions were arranged by OAO "Urals Energy Management Company", Accredited Agent of RAO "UES of Russia", in accordance with the applicable Russian laws and the resolutions of the RAO UES Board of Directors on 31 August 2007.

The start price for the 49% stake in Penza Energy Retail Company was RUB240 million, i.e. equal to the fair market value of determined by a consortium of independent appraisers.

Auction Results:
The 49% stake in Penza Energy Retail Company was sold to OOO "Stroy Deco" for RUB450 million. The winning bid was RUB210 million higher than the auction start price.

There were four bidders for the stake in OAO "Penza Energy Retail Company".

After the auction, RAO "UES of Russia" and the auction winner signed the Auction Protocol and the Share Purchase Agreement.