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CEO of Prikarpatoblenergo Supports the Company's Privatization

CEO of Prikarpatoblenergo Supports the Company's Privatization

1 November 2008

Alexander Buben, CEO of Prikarpatoblenergo (PREN: BUY), said the privatization of the state’s 25% stake in the company will lead to a concentration of control in one hand, and improve the company’s stability. Buben said the state tried to maintain a neutral position in the conflict between two private minority shareholders, which did not help to solving conflicts between them. Alexander Paraschiy: The conflict between rival shareholders Privat and Energy Standard which started in 2005, added risks to the stability of five oblenergos (the state plans to sell 25%-27% in these oblenergos). Buben represents the interests of Privat group and his statement may indicate Privat’s intentions to outbid its rival, win the privatization tender, and accumulate a controlling stake.

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