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SPF Intends to Sell Minority Shares in 21 Energy Companies

SPF Intends to Sell Minority Shares in 21 Energy Companies

23 October 2008

The State Property Fund announced it would sell the minority shares in 21 energy companies by the end of the year. According to SPF estimates, the total par value of the proposed stakes is USD 58 mln and market value is USD 300 mln. The companies with stakes up for sale are: Dniproenergo (DNEN:BUY) (16.04% minority share), Donbassenergo (DOEN:HOLD) (25.77%), Zakhidenergo (ZAEN:HOLD) (10.10%), Centrenergo (CEEN:HOLD) (18.29%), Vinnitsaoblenergo (15%), Volynoblenergo (15%), Dniprooblenergo (15%), Donetskoblenergo (5.06%), Zakarpattyaoblenergo (15%), Krimenergo (10%), Lvivoblenergo (29.98%), Poltavaoblenergo (25%+1), Nykolaivoblenergo (10%), Odessaoblenergo (25.01%), Prykarpattyaoblenergo (25.02%), Sumyoblenergo (25%+1), Kharkivoblenergo (5%), Khmelnytskoblenergo (10.01%), Cherkassyoblenergo (6%), Chernivtsyoblenergo (10%), and Chernyhivoblenergo (25%+1). Alexander Paraschiy: The SPF’s plan is to decrease their stake to 60% in the companies where the state has a large stake, and to completely privatize those companies where the state has less than a 40% stake. We estimate SPF can earn about USD 250 mln from privatization. Since the state plans to retain a 60% stake; it means the government believes the President will veto the law decreasing quorum at shareholder meetings from 60% to 50%, which was adopted in the last week.

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