NC ECU passes 46% of Cherkasyoblenergo to SPF

The National Energy Company of Ukraine (NC ECU) transferred its 46% stake in Cherkasyoblenergo (CHON) to the State Property Fund for privatization, Interfax reported yesterday. The transaction follows an order from the Cabinet of Ministers on August 19 to sell that stake and shares in 13 other Oblenergos by December 1, 2009. At the same time, Dmitriy Parfenenko, acting head of the SPF, said yesterday (via Interfax) that the NC ECU has yet to pass stakes in other Oblenergos to the SPF. Yegor Samusenko: As we wrote in our note on August 19, we continue to believe Cherkasyoblenergo, Kharkivoblenergo (HAON), Vinnytsyaoblenergo (VIEN), Volynoblenergo (VOEN), Donetskoblenergo (DOON) and Dniprooblenergo (DNON) will be among the first to be privatized.