RAO UES Sells its Stake in Kostroma Retail Company
Moscow, 11 February 2008. Today, RAO "UES of Russia" sold
its 49% stake in OAO "Kostroma Retail Company" for RUB150 million to OOO
Kostroma Retail Company is one of the energy retail companies (ERCs)
whose shares were not sold during the auctions held previously. As resolved by the Board
of Directors of RAO "UES of Russia" on 30 November 2007, the stakes in such ERCs
will be sold through the ISTRA information and trading system used to sell RAO UES assets.
The ISTRA system was launched on 6 February 2008. The system ensures an
open process for selling the ERC stakes. Bids can be submitted by investors who have
access to the ISTRA system and a system participant's electronic digital stamp.
Interested parties are granted access to the ISTRA system on the same
terms as those currently used by RAO UES for public auctions to sell the ERCs.
The peculiar feature of the ISTRA System is that after the price of the
unsold parcel of ERC shares is declared, the shares will be sold to the first bidder.
* The Board of Directors of RAO "UES of Russia" took a
decision in principle to dispose of its stakes in ERCs at its meeting of 8 December 2006.