Russia to privatize 25.1% of TGK-5 in 2011-13

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The Russian government said on Tuesday it will sell its 25.1 percent stake in power generating company TGK-5 in 2011-2013 following President Dmitry Medvedev's order to extend the state's one trillion ruble state privatization program by August 1.

The Russian government said on Tuesday it will sell its 25.1 percent stake in power generating company TGK-5 in 2011-2013 following President Dmitry Medvedev's order to extend the state's one trillion ruble state privatization program by August 1.

TGK-5 is part of IES Holding, the country's largest private power supply and gas distribution company, controlled by Renova Group of Russian tycoon Viktor Vekselberg.

Renova signed a deal on July 7 with Russia's state-run gas giant Gazprom to merge their electricity assets in Gazprom's power subsidiary, Gazprom Energoholding, which will eventually place its shares on the stock market.

Vekselberg has said Renova will contribute all its main of IES Holding assets to the merged company and receive at least 25 percent plus one share in it.

The state stake put its stake in TGK-5 up for auction in March, but the sale failed due to a lack of bids.

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