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SPF HAS NOT RECEIVED GOVERNMENT ORDER TO SUSPEND TENDER TO SELL

September 26, 2006
SPF HAS NOT RECEIVED GOVERNMENT ORDER TO SUSPEND TENDER TO SELL. Check it out:
(Interfax News Agency Via Thomson Dialog NewsEdge) LUHANSKTEPLOVOZ, SAYS SPF HEAD The State Property Fund of Ukraine (SPF) did not receive orders from the Ukrainian Cabinet to suspend a tender to sell a 76% stake in Luhansk- based Luhanskteplovoz holding company, SPF Head Valentyna Semeniuk said on Era-FM radio on Friday. She said that statements made by Vice-Premier Andriy Kliuyev during his visit to Russia that the privatization of the enterprise won't take place, and that a joint enterprise will be created on its basis, were his personal opinion. Moreover, Semeniuk said that the plan outlined by Kliuyev as impossible, as the tender to sell the state stake has already been announced and agreements on the confidentiality of information with buyers have already been signed. The cancellation of the tender could lead to a situation in which the potential buyers demanded compensation from the state, she said. Semeniuk also said that such statements could reduce the value of the stake, threaten the transparency of the tender and undermine trust in the state. Semeniuk said that if the tender is canceled, the fulfillment of the revenues plan from privatization would be under threat. As reported, on July 19, the fund announced an open auction to sell 76% of the shares of the open JSC Luhanskteplovoz holding. The starting price for the stock is UAH 292 million. The tender will be held on October 3. Luhanskteplovoz, Ukraine's monopoly manufacturer of mainline cargo diesel locomotives, ended 2005 with losses estimated at UAH 478,000. In 2004, the company was in the black with a UAH 207,000 profit. In 2005, the company's net revenues from sales fell by 3.4% year-on- year, to UAH 395.25 million, and the company's losses were estimated at UAH 478,000, while in 2004 the company saw UAH 207,000 in net profit. This year, the company is planning to increase production volumes by tentatively 10%. The company's statutory fund is UAH 54.796 million, with the face value of each of its shares being 25 kopecks.



Copyright 2006 Interfax News Agency. Source: Financial Times Information Limited.


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