The State Property Fund of Ukraine (SPF) chief Ihor Bilous said Wednesday it had sold at a second-try auction a state-owned Ukrainian Bank for Reconstruction and Development (UBRD) to China`s Bohai Commodity Exchange Co., Ltd. (BOCE).
The bank was sold at a starting price as the bidding had just one participant, Bilous reported on the results of Ukraine`s effort to continue its privatization spree.
The SPF initially attempted to auction off UBRD at a starting price of $118.9 but no participants showed up to take the offer.
Xinhua reports that, in order to resume the bank`s operation that was suspended for lack of funds, the Chinese company should invest at least $100,000 in the financial institution.
Bilous also invited more Chinese investors to join Ukraine`s privatization program, under which the East European country planned to sell more than 300 state-owned enterprises.