OREANDA-NEWS. RAO "UES of Russia" held a public auction to sell its 49 percent stake in OAO "Belgorod Energy Retail Company".

The public auction was arranged by OAO "Urals Energy Management Company", an Accredited Agent of RAO "UES of Russia".

The auction reserve price for the stake in OAO "Belgorod Energy Retail Company" was set at RUB250 million taking into account the valuation report prepared by a consortium of independent appraisers, with a price increment of RUB10 million.

The winner of the auction to sell a 49% stake in OAO "Belgorod Retail Company" is OAO "CIT" that offered the highest price, RUB920 million for the shares. The price offered during the auction was almost 4 times higher than the auction start price.

Upon completion of the auction, the winner signed auction results protocols and Agreements to buy retail company shares held by RAO "UES of Russia".