OREANDA-NEWS. August 10, 2007. The Federal Financial Markets Service gave JSC OGK-5 a permit for the placement and/or float of OGK-5 securities beyond the Russian Federation.

The FFMS decision envisages that the amount of OGK-5 shares to be floating beyond the Russian Federation by placement of foreign securities shall not exceed 20 percent of the total current number of OGK-5 shares.

The FFMS decision marked one of the last stages for the launch of the sponsored GDR programme of JSC OGK-5 to increase the liquidity of the company’s securities and protect the rights of foreign shareholders. The Company plans to launch the programme by August 20, 2007. The depositary of the sponsored GDR programme of OGK-5 is The Bank of New York.

It should be noted that the launch of the sponsored GDR programme will secure the rights of the owners of RAO UES depositary shares during the reorganisation of the energy holding. In this case it is supposed that the depositary bank will organise the issue and distribution of OGK-5 depositary shares to the entitled holders of RAO UES depositary shares.