RAO UES Reschedules Kuzbassenergo Auction

RAO UES has postponed the auction sale of the state-owned stake in Kuzbassenergo until June 27, 2008. Originally, the auction had been scheduled for June 25, 2008, a source in RAO UES said. The company puts the delay down to the fact that the government has not yet endorsed the sale of the stake. The call for bids closed yesterday. According to unconfirmed information, bids were filed by a number of investors, including SUEK, Siberian Coal and Energy Company. RAO UES proposes to auction off 13,376,865,900 common shares in Kuzbassenergo (some 18.65 percent) with the offering price of almost RUB 10.033bn (approx. USD 425.13m).