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INTER RAO YEES OAO Sells Stakes in TGK-6 OAO and Volzhskaya TGK OAO

Thursday, 25 Jul 2013 08:00pm EDT 

INTER RAO YEES OAO (Inter RAO) announced that its Board approved sale of 27.7% stake in TGK-6 OAO (TGK-6) and 41.4% stake in Volzhskaya TGK OAO. JSC Institute for Independent Valuation set the price of RUB 0.4695 for a share of TGK-6 and RUB 1.643123 for one share of Volzhskaya TGK OAO. The combined value of both transactions is RUB 22.8 billion. The transaction assumes the sale of share blocks in two stages. The first phase will include the simultaneous sale of all shares of TGK-6 and 33.87 % shares of Volzhskaya TGK-6 OAO. The second phase will include the sale of 7.50 % stake in Volzhskaya TGK OAO. The first stage is scheduled for completion in Q3 2013, and the second stage for 2014. These assets will be sold to international funds focused on the development of Russian energy industry. The sale of minority stakes of energy companies acquired in 2011 as a part of new stock issue is fully in line with the Minority Stake Strategy established by the Board of Inter RAO. Inter RAI is fully compliant with the requirements set forth by the Federal Anti-monopoly Service in 2011 demanding that it sell its stakes in TGK-6 and Volzhskaya TGK OAO within four years, said Mr. Ilnar MIRSIYAPOV, Head of Strategy and Investments Unit of Inter RAO. Inter RAO will use the proceeds from this sale to finance the investment program. 

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