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Gold/Mining/Energy : Mosenergo ADR

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To: Copperfield who started this subject	11/19/2003 7:24:12 PM
From: Copperfield	of 241

Mosenergo Buy Back? MOSCOW -- Moscow heating and power utility Mosenergo is proposing to buy back as much as 10 percent of its shares as part of a restructuring plan, a source at a management meeting with analysts said Wednesday. The source said the total cost of the buyback was estimated at about $200 million. Mosenergo's current market capitalization is about $1.6 billion. "Bringing in $200 million is a task we can accomplish," the source said, adding that non-core assets would be sold or used as collateral to borrow the funds. The source said management was trying to offer portfolio investors a way out of the company if they do not like the consequences of a nationwide power restructuring. Mosenergo, like its parent company national utility Unified Energy System, is to be broken up into generation, marketing and network units.

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