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. Last Updated: 07/27/2016

UES Wants State To Keep Control

The utility Unified Energy System, one of Russia's most liquid stocks, wants the government to retain a long-term controlling stake, the company's president, Anatoly Dyakov, said Friday.

Under a current government resolution of December 1995, the state is to keep a 51 percent stake until the end of 1988. Another 8.5 percent owned by the state should be used to attract investment in the company, Dyakov told a conference. These shares should be granted in trust to a financial subsidiary of the company, he said.

Dyakov said 20 percent of UES shares were held by foreigners because of an "ill-thought-out" system of auctions. He said the foreign owners had not invested any money in the company, and that an increase in their stake "is inadmissable."

The company's director of asset management, Alexander Lopatin, said this did not conflict with the company's plans to issue level-one American Depository Receipts, which allows investors to buy dollar-denominated shares in the United States.