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2 Oct, 2007 15:04

Head of RAO UES satisfied with OGK-2 shares pricing

Russian wholesale generation company OGK-2 last week priced its shares below the middle of the price range, raising concerns that investors are no longer willing to pay a premium for Russian power generators.

OGK-2 will raise only $US 1 BLN instead of the planned $ US 1,7 BLN, selling its shares at 16 cents each. Experts say RAO UES couldn’t sell OGK-2 at a higher price because several months ago it promised Gazprom control of the company.

However, the Head of RAO UES, Anatoly Chubais, said that he is happy with OGK-2’s pricing.

“I am deeply satisfied with the price, because it is higher than the market level at the moment of huge market turbulence all over the world, including Great Britain. I believe that it’s a success. We’ve made an up on honest stock exchange. We are not in an easy situation with financial markets, as well as the U.S. And I am satisfied with the fact that the final price – 16 cents  – is the higher than the market price,” Mr Chubais said.