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    Russia's electricity giant says will not pay dividends for 2006 -1

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    MOSCOW, June 26 (RIA Novosti) - Russian electricity giant Unified Energy System (UES) decided at an annual shareholders meeting Tuesday that it would not pay dividends for 2006.

    Explaining its decision, UES said its 2006 net profit totaled over 745 billion rubles (about $28.7 billion) as a result of revaluating its financial investments, but that of this sum, 717.6 billion rubles (about $27.6 billion) were not secured by real cash funds.

    UES paid 2.36 billion rubles (about $91 million at the current exchange rate) on its common stock or 5.74 kopeks ($0.002) per share, and 402.37 million rubles (about $15.6 million) on preferred shares, or 19.39 kopeks ($0.007) per share in dividends for 2005.

    The company's shareholders also elected a new board of directors that included UES CEO Anatoly Chubais, Economics Minister German Gref, Industry and Energy Minister Viktor Khristenko and other officials.

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