Profits from the sale of core assets will be used primarily to pay taxes and for other compulsory payments that the sale will entail, as well as to pay sale costs, including expenses on assessment and the holding of auctions.
"The funds, except the above expenses, will be used for purposes approved by the managing board. These include investment in authorized capitals of legal entities, repairs, modernization, and technical refurbishing of RAO UES core assets, as well as scientific research and development and corresponding loans," the company's news release said.
The RAO UES board will decide on the allocation of such funds every year.
A moratorium on selling core assets was imposed in 2002 and covered the sale of the assets of RAO UES and its subsidiaries, as well as the granting of options for their acquisition until a mechanism of their fair assessment and procedures of return distribution were worked out.
