SCM confirms it purchased 25% of Donetskoblenergo

The business holding of Ukraine’s leading tycoon Rinat
Akhmetov, SCM, confirmed in an Aug. 16 statement that one of its subsidiaries,
Ornex, was the buyer of a 25% stake in power DisCo Donetskoblenergo at a
privatization tender. Recall, the State Property Fund sold the stake on Aug. 16
to a single bidder for UAH 143.8 mln.
SCM said it considers the purchase of the stake as a portfolio investment.
“DTEK, the majority shareholder that owns 71.5% of DTEK Donetskoblenergo, will
continue to provide the company’s strategic management,” it reported. DTEK
Energy (DTEKUA) is an indirect subsidiary of SCM.

The State Property Fund will offer four other 25%
stakes in DTEK-related companies for a total starting price of USD 90 mln by
Aug. 31.

Alexander Paraschiy: SCM’s strategy regarding the purchase of 25% stakes in DTEK-related
electricity companies has become clear. It won’t be DTEK Energy that will buy
them, since the holding has limits on investments and CapEx after having
completed loan and bond restructurings in late 2016. Its related companies will
become the formal owners, which increases the probability that all the
scheduled four tenders of DTEK-related companies will succeed and Ukraine will
show in 2017 the highest privatization proceeds in the last four years.