DTEK reaffirms its rights to Dniproenergo in highest court

DTEK reaffirms its rights to Dniproenergo in highest court



20 листопада 2015 года
Конкорд Капитал

Днепрэнерго (DNEN)


The High Economic Court of Ukraine ruled on Nov. 11 to reaffirm DTEK’s (DTEKUA) ownership of power GenCo Dniproenergo, the pravda.com.ua news site reported on Nov. 19. The court considered an appeal submitted by Biznes-Invest, a company allegedly controlled by tycoon Igor Kolomoisky, to the decisions of lower courts that declined to declare invalid DTEK’s privatization of a 25% stake in Dniproenergo in March 2012. Recall, DTEK was the only bidder at a privatization tender convened in November 2011. According to single-bidder rules, the stake was evaluated by an independent appraiser at UAH 1.18 bln and sold at that price to DTEK in 2012.

With its decision, the High Economic Court confirmed the decisions of the lower courts that the deal did not affect the interests of Biznes-Invest, which did not take part in the privatization tender of Dniproenergo. At the same time, the high court satisfied the appeal of Biznes-Invest to cancel the rulings of the lower courts regarding the tender announcement. In particular, the lower courts declined to recognize as invalid a decree of the State Property Fund to hold the privatization tender, while the high court found breaches of procedures by the lower courts in making such a ruling. At the same time, the high court ruled to suspend the proceeding on this topic, meaning no other court hearings can be initiated.

Alexander Paraschiy: This looks like the ending in DTEK’s battle for the validity of its privatization of Dniproenergo’s 25% stake. This is clearly positive for DTEK, but we continue to believe that its control of Dniproenergo does not look secure. As we wrote before, there was another, much more flagrant, privatization of Dniproenergo by DTEK in late 2007, which was cancelled by Ukraine’s Supreme Court in 2009. But that court ruling wasn’t executed.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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