Ukraine cancels privatization of CEEN, DNEN, DOEN

10 декабря 2014 года
Конкорд Капитал

Центрэнерго (CEEN), Днепрэнерго (DNEN), Донбассэнерго (DOEN)

The State Property Fund (SPF) of Ukraine announced on Dec. 10 it has canceled the privatization tenders it scheduled just a week ago for 5%-25% stakes in Centrenergo (CEEN UK), Dniproenergo (DNEN UK), Donbasenergo (DOEN UK) and Odesa Portside Plant, according to its official newsletter. The Fund did not explain the reason for the cancellation.

Alexander Paraschiy: Clearly, it was not a good idea to undertake a massive selloff of Ukrainian property (worth at least UAH 1.8 bln) in the last days of the year, particularly during the western Christmas holiday season.

The cancellation is a positive surprise for energy holding DTEK (DTEKUA), which is currently suffering more from the separatist coal blockade than any other energy company in Ukraine. It won’t have to spend another UAH 1.2 bln to get an additional stake in Dniproenergo which it already fully controls. The tender’s cancellation will save an enormous amount of money for the holding (at least USD 80 mln), improving the likelihood that it will smoothly repay its USD 200 mln Eurobond in April 2015.

The news is also slightly encouraging for the minority shareholders in the electricity generation company Donbasenergo, raising its chances that it will retain its status as a hefty dividend payer in 2015. Recall, as a company with a state stake, it is obliged to distribute at least 30% of its usually high profit in dividends.

The cancellation also makes sense from the point of view of the government, which has fallen short of its 2014 privatization plan to raise UAH 17 bln (in meeting it by just 3% in 11M14). The sale of the offered stakes would not have helped much in fulfilling the plan. Instead, we expect the cancelled stakes will find their place in the SPF’s privatization schedule in 2015.

Источник: Конкорд Капитал


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