Government approves increasing Naftogaz' charter fund by 4.4x
12 June 2009
The Cabinet of Ministers approved increasing the charter fund of Naftogaz of Ukraine by 4.4x to UAH 24.16 bln, via the issuance of local sovereign bonds that will be contributed to Naftogaz’ charter fund. According to the scheme, the sovereign bonds will be purchased by Oshchadbank and Ukreximbank and the proceeds will be used by Naftogaz to repay loans to these two banks; the two state-owned banks will then sell the bonds to the National Bank of Ukraine, which will then redeem the issue.
