UPDATE: WGC-2 to sell 4.3 bln own shares, buy 140 mln shares of Mosenergo

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MOSCOW, Jul 9 (PRIME) -- The board of directors of Russia's Wholesale Generating Company-2 (WGC-2), part of Gazprom subsidiary Gazprom Energoholding, on Monday approved selling 4.296 billion own shares, as seen by PRIME in the company's materials on Tuesday.

The board also approved acquiring 140.229 million shares of power utility Mosenergo.

Gazprom Energoholding said in a statement that 3.889% of OWC-2's treasury shares may be transferred to Mosenergo, and 0.35% of Mosenergo's shares to OWC-2. The transactions will be performed on the conditions set by the boards of directors.

Gazprom Energoholding is also considering selling the shares on the open market to raise the companies' free float and liquidity.

(63.8699 rubles – U.S. $1)

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