After buying blocking stakes in five energy stakes SCM starts pursuing law on purchase of shares
Five energy companies from DTEK Group have published the upper prices for purchase of shares of the companies affiliated with majority shareholders in the past 12 months: DTEK Donetskoblenergo – UAH 8.78 per share, Kyivenergo – UAH 28.04 per share, DTEK Zakhidenergo – UAH 130.46 per share, DTEK Dniproenergo – UAH 488.14 per share and DTEK Dniprooblenergo – UAH 670.72 per share.
According to the publications, the grounds for this was the increase of the stakes held by SCM Group in the above-mentioned five companies to the large controlling stake (over 75%) or dominating controlling stake (over 95%) after the purchase of blocking stakes of 25% by Cyprus-based Ornex Ltd. incorporated in the group from the State Property Fund of Ukraine (SPF) at auctions in August 2017.
According to the law on amendments to some legislative acts of Ukraine on enhancing the level of corporate governance in the joint-stock companies adopted on March 23 of this year, the final price of redemption will be determined by the supervisory board within 25 days after receiving information from the majority shareholder.
According to the requirements of this law, after the concentration of a controlling or significant controlling stake by a person or a group of affiliated persons, minority shareholders have the right to purchase their shares. In case of a dominant controlling stake, a majority shareholder may require mandatory sale of shares by minority shareholders.
SCM, following the results of the SPF auctions, increased its stake to a significant controlling stake in DTEK Dniprooblenergo and to the dominant control one in four other companies.