UES Buys Armenian Grid

The Moscow Times, Russia
July 21 2005

Electricity monopoly Unified Energy Systems has received the right
to run Electricity Networks of Armenia, the Armenian national grid
company said Wednesday.

The $73 million deal was signed between UES and Britain’s Midland
Resources Holding, which bought the debt-ridden grid in 2002.

Due to a translation error, UES had erroneously reported in its 2004
financial statements at the end of June that it had paid the $73
million to buy the company, rather than the right to manage it and
receive its profits, UES said. (AP)