Ukraine: Update on privatisation of Kharkivoblenergo and Odesa Port Plant

Фонд государственного имущества Украины объявил о намерении выставить на приватизацию несколько крупных предприятий. В частности, Харьковоблэнерго и Одесский припортовый завод. Стартовая цена пакета 65.001% акций Харьковоблэнерго – около USD 73 млн., а в отношении Одесского припортового завода, торги по которому в июле 2016 года не состоялись, поскольку цена в USD 521 млн. оказалась завышенной, планируется изменить условия приватизации, в частности и особенности, понизить стартовую цену на 30%.

Kharkivoblenergo

The State Property Fund of Ukraine (the “Fund“) has declared its intention to launch privatisation of a number of power distribution companies at the beginning of autumn 2016.  Ms. Yulia Kovaliv, the first deputy Minister of Economic Development and Trade, has recently announced in the media that the Fund has already prepared privatisation terms for Kharkivoblenergo JSC (“Kharkivoblenergo“).

Kharkivoblenergo is one of the major power distribution companies in Ukraine which owns electricity transmission networks in Kharkiv region and provides electricity to the customers in the region. The Fund owns a controlling stake of 65.001% shares in Kharkivoblenergo which should be offered for sale as soon as the Fund announces the privatisation. The starting purchase price for the stake is said to be circa USD 73m.

Odesa Port Plant

The long awaited privatisation of one of the most attractive privatisation assets, Odesa Port Plant PJSC (“Odesa Port Plant“) did not take place in July 2016, as scheduled. The Fund announced previously that there were 8 potential investors who signed confidentiality agreements and carried out due diligence of Odesa Port Plant. However, the Fund did not receive any formal bid from any of those investors.

Igor Bilous, the Fund’s Chairman, explains that among the main reasons for the unsuccessful auction were a high starting purchase price (which was set at UAH 13.175bn (USD 521m)) and Odesa Port Plant’s debt to DF Group. Igor Bilous announced in the media that in order to make Odesa Port Plant’s privatisation more attractive to foreign investors, the Fund will consider changes to the privatisation terms and in particular a 30% discount to the starting purchase price.

The Fund is expected to launch a repeated attempt at privatisation of Odesa Port Plant at the beginning of autumn 2016.

Авторы: Graham Conlon, Vitaliy Radchenko (CMS Cameron McKenna)

Источник: http://www.lexology.com/library/detail.aspx?g=1d8c3e75-22f6-4e4a-a0cb-c30b4c886d51&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2016-08-16&utm_term=

 

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