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SPFU & Co-founders of PJSC Airlines, Ukraine Intl Airlines sign contract of sale of state shares

Direct News Source

28-Feb-2011 State Property Fund of Ukraine and private co-founders of Private Joint Stock Company "Airline "UIA" have signed contracts to purchase 61.58% stake, which belonged to the state.

The cost of this contract made 287 million 229 thousand UAH. Buyers are required to pay these costs within 60 days from the date of notarization of the contract. Thus, according to sales contracts UIA Beteiligungsgesellschaft mbH became the owner of 36.09% shares of PJSC "UAI", UIA Holding GmbH holds 15.91%, "Capital Investment Project" LLC - 9.58%. State Property Fund, for its part, incorporated to the purchase and sale agreements in social commitment for financial and economic activities, which, inter alia, preview the network of medium routes development, fleet renewal program, job creation, and development of new technologies and introduction of modern equipment as provided by Operator Certification Rules, maintenance of social package under the collective agreement.

Reference: According to a peer review of PJSC UIA State stake, its price makes 287 million 229 thousand UAH. The package price is 37 million UAH higher than the experts’ forecasts. UIA Beteiligungsgesellschaft mbH owned 22.51% of the PJSC "UIA" fund, UIA Holding GmbH – 9.93%, "Capital Investment Project" LLC - 5.97%. According to the existing regulatory framework, the co-founders of private (closed) joint-stock companies have a prior right to purchase shares, sold by one of them. If there are several co-sponsors, the shares offered for sale are distributed among them in proportion to the corporate rights they have in the authorized capital.