DTEK won the auction for the sale of 45.103% of Zakhidenergo shares

The State Property Fund of Ukraine (SPFU) declared DTEK Holdings Limited the winner of the auction for the sale of 45.103% stake in PJSC Zakhidenergo for UAH 1 billion 932.1 million. This decision was unanimously adopted at a meeting of the fund’s commission.

This decision was made after the United Enterprise for the Appraisal and Expertise of Special Objects and Investments – Ukraine, an independent appraisal of the energy company. According to the appraiser, the cost of the package shares as of November 30, 2011 amounted to UAH 1 billion 897.6 million, which is lower than the price offered by DTEK.

Note that at the moment DTEK already owns 25.06% of Zakhidenergo shares.

On November 25, the SPFU approved DTEK’s tender offer for the purchase of 45% of Zakhidenergo, which was the only one, for UAH 1 billion 932.1 million, which exceeded the starting price by UAH 100 thousand.

Recall that 25% of Kyivenergo shares were sold last year (bought DTEK for UAH 450.5 million with a starting price of UAH 432.3 million). Analysts predict that DTEK will not have serious competition at other auctions.

In addition to the above assets, the following state blocks of shares should be privatized this year: 46 % of Cherkassyoblenergo shares, 50% of Dniprooblenergo shares, 45% of Krymenergo shares, 50% of Vinnytsiaoblenergo shares, 25% of Dneproenergo shares, 40% of Donetskoblenergo shares, 45% of Chernivtsyoblenergo shares and 26% shares of Ternopolyoblenergo.

On November 16, the State Property Fund announced tenders for the sale of 25% of the shares of the energy generating company Dneproenergo in Zaporozhye and over 40% of the shares of Donetskoblenergo. The competitions will take place at the fund’s premises tomorrow, January 11.

On December 14, the State Property Fund announced a competition for the sale of a 50% stake in Chernivtsioblenergo for UAH 65 million and a 50% stake in Vinnitsaoblenergo for UAH 167,650,000. UAH The tender for the sale of a 50% stake in Vinnitsaoblenergo will be held on February 3, 2012 at 11:00 am at the premises of the State Property Fund, and the tender for the sale of a 45% stake in Chernivtsioblenergo will be held on February 7, 2012 at 11:00.

The program will be implemented in three stages:
the first stage (2011) – the period of creating the necessary regulatory and organizational framework for the transition to privatization on the principles of the new program;
the second stage (2012. ) – completion of the sale of objects of mass privatization and objects, privatization, which began before the entry into force of the program;
third stage (2013-2014) – completion of privatization as a large-scale socio-economic project.

The projected volume of receipts during the operation of the program to the State Budget of Ukraine from the sale and management of states the total assets amount to UAH 50-70 billion.

Zakhidenergo is the fifth largest power generating company in Ukraine with an installed capacity of 4,707.5 MW, which is about 9% of the total power generation capacity of Ukraine. The company includes Burshtynskaya TPP, Ladyzhinskaya TPP and Dobrotvorskaya TPP, as well as service enterprises Galmemergo, Lvovenergo-spetsremont, Lvovenergoavtotrans, Zakhidenergopostach.

Net profit of Zakhidenergo PJSC for 9 months of 2011 increased 111 times – up to UAH 383.694 million against UAH 3.44 million in the same period in 2010

DTEK is a private vertically integrated energy company in Ukraine. It is a part of the financial and industrial group System Capital Management (SCM) of Rinat Akhmetov. DTEK’s enterprises are creating a production chain for coal mining and processing, electricity generation and distribution.

Based on materials from RBC-Ukraine

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