MOSCOW, June 23 (RIA Novosti) - The market value of Unified Energy System's stake in Power Machines [RTS: SILM] stands at $170 billion, the head of Russia's electricity monopoly said Friday.
UES purchased 22.43% in the Russian heavy machinery manufacturer for $101.4 billion in December 2005 and currently holds 25% plus one share in the company.
Anatoly Chubais said, "I am absolutely convinced that the implementation of our program will boost Power Machines' business and its market capitalization."
Power Machines is a leading Russian manufacturer and supplier of equipment for hydro, steam, gas and nuclear power plants.
Chubais also said UES would soon take "new steps" to implement a program for Power Machines' development.
