The State Property Fund of Ukraine (SPFU) has made a decision to cancel the auction for privatization of JSC UMCC

The State Property Fund of Ukraine (SPFU) has made a decision to cancel the auction for privatization of JSC UMCC. This decision was made after checking all submitted application, and only one participant was allowed to take part in the auction. Soon the SPFU will initiate a meeting of the Auction Commission to approve a new date for the auction.

The SPFU received tree applications for participation in the auction for the privatization of JSC UMCC. Two of them submitted incomplete packages of documents. The procedure for holding auctions for large-scale privatization does not provide for the possibility of finalizing the applications; therefore, the applicants were refused to participate in the auction.

According to legislation, an auction with one participant is not held. So, the SPFU made decision to cancel the auction on August 31, 2021, and re-announcement of the date of its holding.

Soon the SPFU will initiate a meeting of the Auction Commission to approve a new date for the auction.

How it was planned, the privatization auction will be held in 2021. This will make it possible to fulfill budgetary obligations on the receipt of funds from privatization in the amount of UAH 12 billion.

“Our goal is ensure the high level of competition in the privatization auction for JSC UMCC. Only in this case the state will be able to get the maximum profit from privatization of the company.

The postponement of the auction will allow potential bidders to finalize documents and resubmit applications. We are also waiting for applications from other big market players, who have studied information on UMCC. But, according to the adviser, investors did not have enough 2 months allotted by the legislation for preparation, in order to complete all audit procedures and make an investment decision. New auction date will be announced shortly,” spoke the Deputy Chairman of the State Property Fund Taras Yeleyko.