The Auction Commission for the privatization of PJSC First Kyiv Machine-Building Plant (formerly Bishovyk), following the meeting on Friday, will send the government a proposal to set a starting price of UAH 1.398 billion, Head of the State Property Fund (SPF) Dmytro Sennychenko told Interfax-Ukraine.

"The privatization of the Bishovyk plant is a chance for a second life for this enterprise, which has more than UAH 500 million in debt. In previous years, production was destroyed, and now the main activity is leasing premises," Sennychenko said.

According to him, the privatization conditions approved by the commission and subject to government approval provide, in particular, for investments in of more than UAH 57 million repair and modernization, preservation of core activities, repayment of accounts payable and debts to wages and to the budget.

The SPF said that representatives of the plant, the state concern Ukroboronprom, the Kyiv city state administration, the Security Service of Ukraine, the State Bureau of Investigations and the privatization advisor KPMG-Ukraine also took part in the meeting of the commission.