: :inin Kyiv (EET)

State Property Fund not to allow Akhmetov to turn energy companies into private JSCs


State Property Fund said that it would be more difficult for the state to monitor the private joint-stock companies, as they are subject to lower disclosure requirements.
The State Property Fund of Ukraine (SPF) at the meetings of shareholders of energy generating companies Kyivenergo and DTEK Krymenergo” (both Kyiv-based), in which it owns 25% plus 1 share, opposed the restructuring of the companies from public JSCs to private JSCs, the SPF`s press service reported.
This decision is due to the fact that it would be more difficult for the state to monitor the private joint-stock companies, as they are subject to lower disclosure requirements.
Because of the Fund`s position, the meeting of shareholders of Kyivenergo and DTEK Krymenergo failed to take a decision on the companies` restructuring.
As UNIAN reported earlier, the State Property Fund has earlier blocked the restructuring of DTEK Dniproenergo, DTEK Dniprooblenergo, DTEK Zakhidenergo, and DTEK Donetskoblenerho from public JSCs into private JSCs.
According to earlier reports, DTEK initiated the restructuring of the energy companies in order to obtain the priority right to purchase the remaining 25% of the shares in each of the companies from the state on the initial evaluation price.
DTEK reported that the decision to restructure the companies was included in the agenda of the shareholders` meetings, as starting from May 1, when a new edition of the Law On Joint Stock Companies enters into force, these power companies will not be able to meet the criteria for public JSCs. In particular, shares of public issuers must be in exchange registers, but this is complicated by the more stringent listing requirements for securities. In addition, each of these energy companies has more than 100 shareholders, which, by law, does not give the majority shareholder of a private company the right to a priority purchase of shares from the state.
Kyivenergo provides electricity and heat to Kyiv consumers, which is produced by TPP-5 and TPP-6. The company has five departments, as well as two branches – Energoservis and Energy incinerator factory. The owners of more than 10% of shares in Kyivenergo are a Cyprus-based company DTEK Holdings Limited (25% plus 1 share), Netherlands-based DTEK Energy B.V. (29.1%), Ukrainian DTEK Energy (18.3%,) and the State, represented by the State Property Fund (25% plus 1 share).
DTEK Krymenergo is  the largest distributing company in the Russian-occupied Crimea. The owners of more than 10% of its shares are a Cyprus-based DTEK Holdings Limited (50,3%), Garensia Enterprises Limited (12,4%), and the State, represented by the State Property Fund (25% plus 1 share).

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