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Buyer of government's stake in TGK-7 revealed
RBC, 15.05.2008, Moscow 18:24:05.Following a tender for the government's stake in TGK-7, RAO UES has named Berezville Investments Limited, representing IES Holding's interests, as the buyer of the stake, head of RAO UES media relations department Marita Nagoga told RBC today. The company offered RUB 2.848 (approx. USD 0.119) per each share of the regional power generation company. As a result of the sale, RAO UES is expected to raise RUB 27.5bn, or over USD 1.152bn. The price offered by Berezville Investments is equal to USD 456 per kilowatt of TGK-7's installed capacity. Following the sale, RAO UES stake in TGK-7 will decline from 47.46 percent to 15.28 percent. The remaining stake is expected to be distributed among the energy company's minority shareholders as part of its restructuring. Proceeds from the sale of the government's stake are to be used to implement Federal Grid Company's investment program.
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