10:06 20.09.2018

Ukrenergo head expects corporatization to be completed by mid-Nov

2 min read
Ukrenergo head expects corporatization to be completed by mid-Nov

National Energy Company Ukrenergo is heading to the final stage of corporatization and the end of this process is expected approximately in the middle of November, Ukrenergo CEO Vsevolod Kovalchuk has said.

"The process was delayed because the reorganization commission had no evaluation. Now it is completed, a positive review from the State Property Fund has been received," he told Interfax-Ukraine on the sidelines of the YES Conference organized by the Victor Pinchuk Foundation in Kyiv.

Kovalchuk said that the commission should approve the audit of the balance to be transferred, for which the necessary materials were sent to the ministries. According to him, the next week or in two weeks the answers will be received, after which the process will reach the formal final stage: the charter will be approved and registered. The draft charter has long been developed. After that, Ukrenergo will be transferred to the State Property Fund with the subsequent return to the ownership of the Energy and Coal Industry Ministry.

"This process will be completed in full before the middle of November," the head of the company said.

He added that synchronously to the process the supervisory board is being approved. "The selection (of four independent members of the supervisory board] was completed two and a half or three months ago, but there is no decision on the appointment yet. I hope that this issue will be resolved in a week or two, and this will open the way for further transformation of the company, and the corporate governance reform will be completed," Kovalchuk said.

He found it difficult to name the size of the charter capital of Ukrenergo following the results of corporatization, since it is necessary to approve the audit of the balance of payments to take into account the remarks, if any, on including or excluding certain assets or ownership rights into or from the charter capital.

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