The State Property Fund of Ukraine has sold its stake in PJSC Rivne Radio Engineering Plant for UAH 31 million through a Dutch auction.
The announcement was made on the Fund’s official Facebook page, as reported by Ukrinform.
According to the statement, the auction was conducted via the Prozorro.Sale system and involved the sale of 50% plus one share of the enterprise. The winning bidder offered nearly UAH 31 million for the stake. The Dutch auction, which used a descending price mechanism followed by a closed bidding phase, opened at a starting price of UAH 60.8 million
The Fund noted that this was the eighteenth attempt to privatize the company, which carries significant overdue liabilities totaling UAH 55.3 million—including more than UAH 15.8 million in wage arrears and debts to the state budget.
Under the terms of the privatization, the new owner is required to settle all outstanding wage and budget-related debts within six months of acquiring ownership and to preserve the company’s workforce.
As previously reported, the State Property Fund of Ukraine held 12 privatization auctions last week, raising a total of UAH 120.49 million.
Photo credit: privatization.gov.ua