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Gold/Mining/Energy : Mosenergo ADR

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To: Copperfield who started this subject	6/29/2004 6:52:26 PM
From: Copperfield	of 241

New Mosenergo Board MOSCOW (Reuters) -- Two officials from Gazprombank, owned by gas monopoly Gazprom, have gained seats on the board of Moscow city electricity utility Mosenergo, Mosenergo said Tuesday. The appointments confirm newspaper reports and market rumors that Gazprom had been acquiring shares in Mosenergo prior to reform of the electricity sector. Mosenergo said in its disclosure materials that Gazprombank deputy chairmen Alexei Matveyev and Alexander Sobol would sit on its board. Market participants said Gazprombank spent 10.9 billion rubles ($375.6 million) to buy 15.76 percent of Mosenergo last May, and 19.8 billion rubles to buy 5.3 percent in national electricity utility UES.

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