RAO UES said that the 49% shareholding was sold to Ukraine construction company Stroiservis. The two companies have signed an auction memorandum and a share purchase agreement to seal the deal.
The Russian utility commented that Kuban Energy Retail Company was divested from Kubanenergo and was registered with the Russian authorities on July 1, 2006.
Kuban Energy Retail Company is engaged in the purchase and sale of electricity on the Russian wholesale and retail markets, and also supplies electricity to customers in the Krasnodar Kray and the Adygei Republic as a guarantee supplier.
RAO UES’ board of directors approved a resolution to divest the company’s stake in Kuban Energy Retail Company and seven other energy retail companies on February 9, 2007. The company plans to dispose of all these retail assets before its reorganization in 2008.
RAO UES said that the sales of these energy retail companies will significantly increase the number of independent energy retailers employing advanced methods of retailing, while also expanding and improving the range of services available in Russia by enhancing market competition.
