OREANDA-NEWS. At the Annual General Meeting of OAO "WGC-5" held today, the shareholders approved the company's reorganization through merger of OAO "WGC-5 Holding" with and into OAO "WGC-5" and the Merger Agreement.

OAO "WGC-5 Holding" is being merged with OAO "WGC-5" as part of the first phase of reorganization of RAO "UES of Russia", which will result in the divestiture of the two generation companies, OAO "TGC-5" and OAO "WGC-5", by RAO "UES of Russia".

RAO "UES of Russia" currently holds 75.03 percent of OAO "WGC-5". It is planned that the 25.03 percent of the RAO UES stake in OAO "WGC-5" will be sold through a public auction scheduled for 6 June 2007. After the auction, RAO "UES of Russia" will hold a 50 percent stake in OAO "WGC-5".

After the first phase of the reorganization, RAO UES shareholders will continue to hold shares in RAO "UES of Russia" and acquire shares in OAO "WGC-5" and OAO "TGC-5". Their stake in RAO "UES of Russia" will remain the same.

WGC-5 and TGC-5 are expected to be divested by RAO "UES of Russia" in Q3 2007. Earlier, TGC-5 shareholders at the meeting held 19 April 2007 approve the reorganization of OAO "TGC-5".