Chernivtsioblenergo privatization tender attracts no competition

Chernivtsioblenergo privatization tender attracts no competition



1 грудня 2014 года
Конкорд Капитал

Черновцыоблэнерго (CHEN)


The State Property Fund of Ukraine sold a 25% stake in a small power distribution company,Chernivtsioblenergo (CHEN UK), for UAH 36.4 mln, the Fund reported on Nov. 28. There was no competition at the tender, with the sale price equal to the starting price. As with the previous two tenders last week, the winner was not disclosed. In 2012, the Fund sold a 45% stake in the compay to an affiialte of VS Energy for UAH 70 mln.



Alexander Paraschiy: Friday's tender was a clear disappointment after the privatization tenders of theprevious days, in which the final prices for power distribution companies exceeded starting prices by 1.4x-3.8x. With this deal, the total state revenue from privatization amounts to UAH 0.47 bln in 11M14, or 2.7% of the state annual plan. Now it's clear that the plan won't be met even by 10%.



The core hopes for 2014 privatization revenue are in the possible tenders of a 10% stake in power GenCo Centrenergo (CEEN UK) and a 5% stake in fertilizer giant Odesa Portside Plant, which might take place in December.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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