Today's Sale of 1% Stake in Ukrtelecom Cancelled
8 June 2008
The State Property Fund (SPF) announced yesterday that the sale of a 1% stake in Ukrtelecom (UTEL: HOLD) on the PFTS will not take place today in connection with a judicial ruling by the Kyiv Economic Court that had previously blocked the privatization from taking place on May 22. So far, the SPF’s efforts to privatize 1% stakes in Ukrtelecom have failed to come to fruition – it was blocked by the courts on May 22, cancelled due to lack of bids on May 29, and bidders failed to submit guarantee letters for a June 5 sale. The SPF’s March 21 plan envisions selling five 1% stakes on local stock exchanges by July 23, 2007.
