12:23 23.07.2018

SPF gets first bids from advisers on privatization

2 min read

A number of companies have applied for tenders called by the State Property Fund (SPF) of Ukraine to select advisors for the privatization of insulin producer Indar, President Hotel and Odesa Port-Side Chemical Plant with July 20 set as the deadline for applications, an informed source in the government has told Interfax-Ukraine.

"There are applications, and there are many of them," the source said without giving details.

The SPF's press service told Interfax-Ukraine that it was not authorized to disclose details at the current stage, advising waiting for the results of the tenders.

As was reported, the SPF late in June called tenders to hire advisers to sell 100% of Kyiv-based PJSC United Mining and Chemical Company (UMCC), 70.7016% of PrJSC Indar, 100% of PrJSC President Hotel (all three are based in Kyiv), and two wholly state-owned enterprises: Krasnolymanska Coal Mining Company in the town of Rodynske, Donetsk region, and Kharkiv-based Electrotyazhmash Plant (ETM), as well as 99.5667% of PJSC Odesa Port-Side Chemical Plant (OPZ) in Odesa region.

The deadline for Indar, President Hotel and OPZ is July 20 inclusively. The first stages of the tenders are scheduled for July 26, and the second stages for July 30.

In case of UMCC and ETM, the deadline for applications is July 23, and tenders will be held in two stages: on July 27 and on July 31.

Ukraine on July 12 met with representatives from the 'big four' auditors, namely Ernst&Young, Deloitte, PwC, KPMG, as well as Morgan Stanley, Rothschild, ICU, Concorde Capital, Dragon Capital to present details of tenders to select advisers on large-scale privatization,.

The adviser's tasks include an analysis of the economic, technical and financial performance of an enterprise; bringing the main indicators of its financial statements in line with international accounting standards; carrying out audits (financial, environmental and others), implementation of due diligence and a SWOT analysis of the assets, including assessment of the competitive positions in Ukraine and international markets.

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