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SPF to set 4 Oblenergo privatization dates in May-June

SPF to set 4 Oblenergo privatization dates in May-June

19 May 2010

Ukraine’s State Property Fund plans to announce the auctions for ~25% blocks in four Oblenergos in May-June, according to a notice published in the government’s official privatization newspaper this morning. The state plans to sell a 25.01% stake in Odesaoblenergo (UX: ODEN UK), 25% stake in Poltavaoblenergo (UX: POON UK), 25.02% stake in Prykarpatoblenergo (UX: PREN UK) and a 25% stake in Sumyoblenergo. Yegor Samusenko: According to announced plans, the SPF plans to sell the latter three Oblenergos stakes in small packets in order to attract portfolio investors. These placements should boost the liquidity in privatized stocks, making them among the most liquid in the sector (free float should be in the USD 15-40 mln range). We note that the offered stocks are among the top-six by efficiency among 29 Oblenergos, and in the top-10 by EBITDA margin. According to law, the State Property Fund is required to post an official announcement 30 days ahead of privatization auctions in its newspaper, which could happen already next Wednesday.

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