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Russia's IES to sell up to $1 bln in non-core assets

Wed Jul 9, 2008 3:11am EDT

MOSCOW, July 9 (Reuters) - Russian electricity holding Integrated Energy System (IES) plans to raise up to $1 billion selling off non-core assets, the head of the company told reporters late on Tuesday.

"We are splitting off so many non-core assets from our territorial generating companies that the sum value could easily reach $1 billion," IES President Mikhail Slobodin said.

IES, also known by its Russian acronym KES, is an investment vehicle of billionaire Viktor Vekselberg. (Reporting by Simon Shuster, editing by Robin Paxton)



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