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. Last Updated: 07/27/2016

UES Drops Plan to Cut Shareholder Rights

Russian utility holding company Unified Energy Systems, or UES, has backed off from a plan to strictly limit the rights of other shareholders in local electric companies, officials said Tuesday.

UES owns Russia's electricity grid and has 49-100 percent of the shares in 68 of Russia's 71 power companies. In late March it limited other shareholders' voting rights to 0.5 percent of company shares. But other local power companies have refused to establish similar limits and UES director of asset management Alexander Lapatin said the company had been persuaded to rethink.