http://www.finamrus.com/newtopics/news03B2E/default.asp
American Depositary Receipts (ADRs) will not be issued on stocks of utility companies to be unbundled from UES in the course of the second phase, director of the energy holding's strategy department Dmitry Akhanov told reporters in Moscow Thursday. "No ADRs will be floated for sure" – he said. Four gencos (TGC-8, TGC-9, Kuzbassenergo and TGC-4) will hold SPOs by the end of the year. Meanwhile, Kuzbassenergo's stock placement will take place as a standard initial public offering with stocks to be sold to a wide group of investors, while TGC-8, TGC-9 and TGC-4 will place shares in favor of strategic investors. "Interest in TGC-4 stocks is enormous. Potential buyers are not only foreign companies, but also domestic investors as part of consortiums formed with foreigners" – Akhanov said.
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