9 June 2010
The State Property Fund announced today that on July 14 it is planning to put up for sale on the PFTS its 25% stake in Sumyoblenergo (PFTS: SOEN UZ). Earlier, the PF announced Poltavaoblenergo’s (UX: POON UK) privatization on 9 June and said that later this summer it would also put up for sale a 25% stake in Prykarpattyaoblenergo (UX: PREN UK). The SPF said it would seek bids for the entire stake and in case of their absence it would auction off smaller blocks of 1-5%. Yegor Samusenko: The SPF had been offering single-block stakes in Poltava-, Sumy- and Prykarpattyaoblenergos on a weekly basis from May 2009 to March 2010, but bidders never showed up. Given that, we think small stake sale would take place at a new auction. We see starting prices for Poltavaoblenergo and Sumyoblenergo as attractive for institutional investors to participate, for details please refer to our note from 1 June 2010.