Source Pravda.Ru

RAO UES plans to double profit allocated for payment of dividends in 2002

RAO UES of Russia plans to double the profit to be allocated for the payment of dividends in 2002. RAO UES Executive Board Deputy Chairman Vyacheslav Sinyugin announced this information at a conference devoted to the Russian energy sector, organized by the Adam Smith Institute, today.

He pointed out that it was planned to increase the profit by means of raising the dividends for the holding company's shares in affiliated and dependent companies, reducing the costs, as well as selling non-core assets of the head company of RAO UES of Russia. At the same time he underlined that such sales would take place next year.

As it was reported earlier, RAO UES allocated about RUR1.3bn ($40.91m) for dividends in 2001.

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