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Another Ruling Against Luhanskteplovoz Privatization

Another Ruling Against Luhanskteplovoz Privatization

14 November 2008

On November 8 the High Economic Court declined to overturn a ruling by the Kyiv Appellate Court, which earlier ruled the State Property Fund’s sale of a 76% stake in Luhanskteplovoz (LTPL: BUY) to Bryansk Machinery illegal. As we have said since the beginning of these legal battles,  we believe that the final decision on the company’s privatization will be made by the Supreme Court only after Ukraine’s new government is in place. We don’t expect the new government to overturn the privatization, given the company’s strong performance following its sale. Luhanskteplovoz recorded sales of USD 17.8 mln last month, more than it posted in all of 1H07 (USD 13.4 mln). Given its replenished order book after acquisition by Bryansk Heavy Machinery (part of Russia’s Transmashholding), we see sales surging through yearend: our new 2007E forecast implies an 88% yoy increase.

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