State stakes in three oblenergos to be broken down to facilitate sale

The State Property Fund plans to break down 25% stakes in three Oblenergos in order to sell them piecemeal. The SPF tried to auction 25% stakes in Prykarpattyaoblenergo (UX: PREN UK), Poltavaoblenergo (UX: POON UK), Sumyoblenergo (UX: SOEN UK) during 2009, but failed to find any bidders for the stakes. Yegor Samusenko:  We think the SPF will lower selling price for minority stakes in Oblenergo, as high price was one of the reason why the SPF failed to auction the blocks last year. In our view, dividing stakes into smaller ones would attract portfolio investors for these auctions and increase free float, as we doubt that current major shareholders will buy out the stakes entirely.