Property Fund Offers Subsidiary Of EPIC Company Purchasing 92.8% Of Ukrtelecom For UAH 10.6 Billion

The State Property Fund of Ukraine has made an offer to ESU, a Kyiv-based subsidiary company of the EPIC concern (Austria), to purchase 92.79% of the shares of Ukrtelecom, the largest telecommunication company in Ukraine, for UAH 10.575 billion.

“The State Property Fund of Ukraine has completed the procedure of checking a report on appraisal of 92.79% of the shares of the Ukrtelecom open joint stock company provided by the limited liability company Consulting Company Ostriv and endorsed it as fully meeting the requirements of the normative base on appraisal of state property,” reads the statement.

The expert appraisal exceeds the starting price of the shareholding of Ukrtelecom by UAH 75 million.

In compliance with the legislation the State Property Fund has applied to ESU as the only participant in a tender on sale of the shareholding of Ukrtelecom with the offer to purchase the shares at this price.

Ostriv submitted its report on appraisal of the shareholding of Ukrtelecom on February 4, 2011.

As Ukrainian News earlier reported, since ESU, a Kyiv-based subsidiary company of the EPIC concern (Austria), is the only one to bid in the tender for sale of 92.79% of Ukrtelecom, the State Property Fund had to apply the procedure of appraisal of the stake by independent appraisers.

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