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RAO UES to Dispose of Mosenergo
RAO UES of Russia sets to the bulk sale of assets and Moscow power utility, Mosenergo, is the first on the list, RAO UES board member Alexander Chikunov said as quoted by Vedomosti.
BOD of RAO UES is likely to go through the issue of releasing new stocks of Mosenergo this March or this April, so that the company could place all stocks before late this year. The issue may yield up to $1 billion and its parameters are being talked over with Gazprombank and the government of Moscow, Chikunov specified.
RAO UES has agreed with Gazprom on releasing new stocks of Mosenergo, said a source with the energy holding on condition of anonymity, but neither the number of new stocks nor the placement procedures are clear yet.
As a method of privatization, releasing new stocks to derive money for investment purposes was proposed by RAO UES CEO Anatoly Chubais past December. Otherwise, the energy system of Russia will face a serious crisis, Chubais warned.
RAO UES holds 50.9 percent in Mosenergo, Gazprombank that is tipped as the frontrunner for the new stocks currently owns 25 percent in it, Moscow government has around 8 percent. Mosenergo’s capitalization stood at $4.18 billion on RTS as of January 25, 2006.
www.kommersant.com
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