RAO Unified Energy Systems of Russia (EESR.RS) is contemplating selling its shares that are presented for buyback to the Russian Pension Fund, the newspaper Vedomosti reported Tuesday, citing sources close to the UES board.
The newspaper, however, reports the Pension Fund doesn't have the right to buy shares and that UES would have to push for regulatory amendments.
On Monday, UES completed the acceptance of offers to buy shares presented for buyback.
The newspaper said the company might complete the sale by Jan. 9.
UES, Russia's enormous state-controlled utility, is going through the process of deregulation in what investors call a litmus test of the Russian government's commitment to liberalization of the economy.
The reforms are to be completed by the summer of 2008.