OREANDA-NEWS. OAO "Southern Generation Company TGC-8" ("TGC-8:) announced on 4 December the launch of open competitive negotiations to select an investment bank to provide financial consultations.
 
The investment bank will be required to develop the strategy and the most efficient structure for raising funds through offerings of additional shares in TGC-8. It will also ensure information availability and transparency of the offering process and taking into account shareholders' and investors' interests.

The investment bank is to ensure that TGC-8 raises funds needed for its investment programme on the most favourable terms, and consult the Company on matters relating to carrying out the share offering simultaneously with the spun-off of TGC-8 from RAO "UES of Russia" in the process of RAO UES restructuring.

Bids will be accepted until 20 December 2006.

According to TGC-8 Deputy Director General Dmitry Solodyankin, the RUB24 bn offering, which is scheduled for 2008, will be the key source of finance for the Company's RUB34.9 billion investment and development programme for 2006-2010.