Ukraine sells power DisCo Volynoblenergo for UAH 462 mln

Ukraine sells power DisCo Volynoblenergo for UAH 462 mln



25 грудня 2013 года
Конкорд Капитал

Волыньоблэнерго (VOEN)


The State Property Fund of Ukraine announced on Dec. 24 it sold the government’s 75% stake in power distribution company Volynoblenergo (VOEN UK) at UAH 462 mln. UkrCitGaz, the owner of Kharkiv Heat and Power Plant #5, was recognized as the tender’s winner, the Fund reported. The other tender participant was an affiliate of VS Energy.



The sale price, UAH 1.29/share, was at a 1.3% premium to the tender’s starting price and 175% premium to the company shares’ market price (based on the last deal on the Ukrainian Exchange).



Alexander Paraschiy: This is probably the Fund’s most successful deal of 2013: the company was sold at a 2012 EV/Sales ratio of 0.9x and 2012 EV/EBITDA ratio of 17x. It’s also the Fund’s second-biggest sale in 2013 (after the sale of a 60.8% stake in Donbasenergo), which enables it to increase total proceeds from privatization by almost a half to UAH 1.45 bln this year.



Nevertheless, the SPF’s total privatization proceeds are only 13% of the Fund’s 2013 privatization plan (which was set at UAH 10.9 bln). The Ukrainian government still retains 25%-71% stakes in seven regional power distribution companies, the privatization of which might potentially bring to the state up to UAH 3 bln. The 2014 privatization plan has been ambitiously drafted by the state budget at UAH 17 bln.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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