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UES Chubais says $2 bln spent in utility share buy up
MOSCOW, June 3 (Reuters) - Russia's financial industrial groups spent two billion dollars buying stakes in Unified Energy System (UES) and its subsidiaries over the last six months, boosting its share price, UES CEO said on Thursday.
UES shares have tripled since hitting a low of around seven cents in September as the financial groups, mostly major fuel suppliers and energy intensive metals businesses, bought substantial stakes in UES. At 1200 GMT UES traded at $0.2183.
"About two billion dollars was spent in about half a year," CEO Anatoly Chubais said at a Renaissance Capital equities conference.
UES shareholders are now dominated by the government and industrial consortia MDM and Basic Element.
Metals baron Viktor Vekselberg and oil firms LUK also among so-called strategic investors that have cropped up in several of UES's 70-odd regional units.