Thursday, May 24, 2007

Court bans selling 1% share parcel of Ukrtelecom

The Kyiv economic court ruled Tuesday to ban the May 22 auction at the Ukrainian Stock Exchange to sell 1% share parcel of Ukraine's leading communication operator, the public joint-stock company Ukrtelecom.

As an officer of court told journalists, the ruling was passed following a suit by the "Dotrin-2002" enterprise of the Khmelnytsky regional organization of disabled persons.

The first 1% share parcel of Ukrtelecom was supposed to be sold at an auction at initial price of 215,351,850 UAH with the nominal cost of 46.8 million UAH. The starting price of one share was set at 1.15 UAH (with the nominal price of one share at 0.25 UAH).

On March 21 the SPF approved the plan of Ukrtelecom privatization, according to which, 50+1% shares belong to the state, 37.86% are supposed to be sold at international stock exchanges between August 1 and December 31, 2007, 5% at Ukrainian stock exchanges in parcels 1% shares each between March 28 and July 23, 2007. The SPF means to gain some one billion UAH (one USD=5.05 UAH) from selling 5% shares.