“The Committee of the Verkhovna Rada on Finance, Tax and Customs Policy recommended that the Parliament vote for draft law No. 11474 on the peculiarities of the sale of state-owned shares in the authorized capital of banks in the second reading”, — write: www.epravda.com.ua
The Committee of the Verkhovna Rada on Finance, Tax and Customs Policy recommended the Parliament to vote in the second reading for draft law No. 11474 on the peculiarities of the sale of state-owned shares in the authorized capital of banks.
About this reported the head of the committee Danylo Hetmantsev.
In particular, the draft law allows the sale of any share of the state in the bank, not just 100% of the state’s shares, as provided for in the current law.
Besides:
- expands the circle of potential investors whose sale the state is ready to consider;
- increases the requirements for legal entities that can be engaged by the state as financial sales advisors;
- includes international donors to participate in the selection procedure of financial advisers for the sale and the procedure of the sale itself;
- updates the rules for determining the price and conducting the auction in accordance with the recommendations of the World Bank;
- takes into account the probability that only one potential investor can participate in the auction;
- brings the requirements to the sales contract in line with market practices;
- prevents the sale process from being adversely affected (such as a sale stop) by former beneficial owners or current minority shareholders.
The document also provides for enhanced transparency of the sale procedure by increasing the volume of information to be made public and conducting auctions through the electronic trading system.
We will remind:
The Cabinet of Ministers of Ukraine at present does not consider privatization of the state-owned Oschadbank and Ukreximbank – the second and third largest banks in the country in terms of assets, there is no strategy for their sale, while privatization is planned for Ukrgasbank and Sens Bank, which are in the fifth and eighth places, but it is difficult to name its terms yet.
Ukraine, in the expanded EFF financing program with the IMF, updated in June, undertook to appoint international consultants for the sale of Ukrgasbank and Sens Bank by the end of September, as well as to submit to the parliament a draft law establishing a mechanism for the privatization of state-owned banks.