Former electricity monopoly RAO Unified Energy System of Russia (EESR.RS), or UES, has approved a valuation for all of OAO Mosenergosbyt (MSSB.RS), in which it owns a 50.9% stake, of 22.2 billion rubles ($944.3 million), a person familiar with the matter told Dow Jones Newswires Tuesday.
This puts the value of the company at $365 million less than an independent valuation carried out for UES in January.
UES will auction its stake in Moscow-based distribution company Mosenergosbyt in April.
Earlier this month, Russian gas monopoly OAO Gazprom (GAZP.RS) - which has a 31% stake in Mosenergosbyt - said it wouldn't bid for UES' stake at the independent valuation rate of $1.3 billion, adding that this was four times higher than it should be.