RUSSIAN GOVERNMENT INCREASES ITS STAKE IN UES ELECTRICITY GIANT

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MOSCOW, June 30 (RIA Novosti) - The Russian government's stake in the electricity giant Unified Energy Systems (UES) has increased to 52.68 percent, up from 52.5%, Board Chair AlexanderVoloshin said at an annual shareholder meeting Wednesday. The increase has resulted from the liquidation of the National Investment Corporation and the transfer of its assets to the Property Ministry, he said.

The number of the UES shareholders topped 350,000 by the end of the year under review, Voloshin reported. Its assets include stakes in 242 companies, the property of six electricity plants, electricity supply networks, and control facilities.

Unified Electricity Systems Inc. holds shares in 73 regional electricity corporations, 44 electric power plants, and six managing energy companies, the UES Chair said.

Speaking at the annual shareholder meeting, Chief Financial Officer Dmitri Zhurba told about the Tax Ministry's decision to write off some 1.4 billion roubles owed to it by UES in fines (the dollar buys 29 roubles, on current rates). This decision was made in view of the fact that in 2003, UES had fulfilled all of its obligations as to the settlement of the rescheduled debt to the federal Treasury. Moscow City Hall is going to follow suit and write off 2.2 billion roubles that the company owes it in debt payments, Zhurba said. According to him, UES' rescheduled debt to the Treasury now totals 6.6 billion roubles,

UES Chief Executive Officer Anatoly Chubais does not expect any major reshuffles in the Board of Directors, customarily elected at annual shareholder meetings. "We are not anticipating a revolution on this matter, and I don't think any strategic transformations will occur in the Board's membership," Chubais said. In his prediction, only some of the minority shareholders may be removed while all major ones will most likely retain their present positions.

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