10:38 07.02.2018

First auctions to sell small privatization facilities could be held in June 2018

2 min read
First auctions to sell small privatization facilities could be held in June 2018

The Economic Development and Trade Ministry expects that first auctions to sell small privatization facilities would start in June 2018, and amendments to over 35 bylaws are to precede this, as the parliament passed bill No. 7066 on the privatization of state-owned property.

"The task number one is to make all the necessary amendments, according to our calculations, to change more than 35 bylaws, of which three are relatively difficult. We hope that they would be adopted by the end of April. Accordingly, in May the first lots will be determined, and in June auctions to sell the first lots with small privatization facilities would be held," First Deputy Minister of Economic Development and Trade Maksym Nefyodov said at a press briefing in Kyiv on Tuesday.

At the same time, he said that the Ministry of Economic Development and Trade is counting on the signing of the law on the privatization of state-owned property by the president this month.

As reported, the Verkhovna Rada in January passed in the second reading and as a whole the government bill on privatization of public property with technical and legal amendments, including the one granting investors the opportunity to obtain protection under English law.

Acting Head of the State Property Fund Vitaliy Trubarov said the new law establishes a time period of twelve months for privatization of large facilities and five months for small ones. If an enterprise's assets in the previous year exceeded UAH 250 million, it falls under large privatization and will be sold with the assistance of an advisor, everything that is less is small privatization, which will take place exclusively on electronic platforms, he said.

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