The Cabinet of Ministers has decided to sell a 60% stake plus one share in each of the Dniproenerho, Tsentrenerho, Zahidenerho, and Donbasenerho power generating companies in 2008.
The Cabinet of Ministers directive No. 478-r dated March 19 approved the decision.
The Cabinet of Ministers made the relevant amendments to the addendum No. 1 to its resolution No. 367 of February 22.
As Ukrainian News earlier reported, the Cabinet of Ministers recently postponed transfer of management of a 60% stake plus one share in each of Dniproenerho, Tsentrenerho, Zahidenerho, and Donbasenerho to the State Property Fund because of the need to agree the transfer with President Viktor Yuschenko.
At present, 85.77% of the shares in Donbasenerho, 70.1% of the shares of the Zakhidenerho, and 78.29% of the shares of the Tsentrenerho have been contributed to the statutory capital of Energy Company of Ukraine, a national joint-stock company.
The shareholders of Dniproenerho decided at a meeting in August 27, 2007, to increase the statutory capital of Dniproenerho by UAH 51.086 million to UAH 149.186 million via issuance of additional shares in connection with a decision to merge the Investment Society limited liability company (Donetsk) with Dniproenerho.
The statutory capital increase was expected to allow the Donbas Fuel and Energy Company (DTEK), which is controlled by Rinat Akhmetov, to acquire 44.279% of the shares in Dniproenerho.
In particular, Investment Society was expected to gain control of 34.243% of the shares in the company while the shares of DTEK Holdings Limited (which is affiliated with the Donbas Fuel and Energy Company) was expected to decrease from 15.262% to 10.036%.
The State Commission for Securities and the Stock Market registered Dniproenerho's additional share issue, but the consequent changes were not made to the company's shareholder register.
Two lawsuits that the Dnipropetrovsk-based Biznes Invest company, which owns 0.00655% of the shares in Dniproenerho, filed regarding Dniproenerho are presently being considered by courts of various instances.
The first lawsuit, which was filed against the Cabinet of Ministers, is demanding cancellation of the directive that approved the increase of Dniproenerho's statutory capital.
The second lawsuit, which was filed against Dniproenerho itself, is demanding that the decisions that its shareholders made at the meeting of August 27, 2007, be declared invalid.
The Pryvatbank group controls Biznes Invest and the Ukrnaftohaz company.
Press conference with Situations Modeling Agency entitled "Earlier Kharkiv elections: possible consequences and prospects for participants of electoral process"
