Tax Authorities Announce Sale Of Ukrgazbank & Megabank Stakes

The state tax commission that oversees large companies has announced that it will sell Naftogaz stakes in Ukrgazbank (UGZB) and Megabank (MEGA: BUY). Naftogaz has a 4.91% stake in UGZB and a 6% stake in MEGA. The stakes will be sold on Ukraine’s Universal Trade Exchange 10 days following Friday’s official announcement. The sale is part of Naftogaz’s plans to sell off non-core assets. The tax authorities are allowed to sell these stakes to cover overdue tax payments as Naftogaz put them forward as collateral. Naftogaz currently has outstanding debts of around USD 0.5 bln.