Ukraine sold Ukrtelecom OJSC

More than two years ago, the previous government planned to sell the national company Ukrtelecom. According to various expert estimates, the cost at that time was about 7-8 billion hryvnias. However, the privatization process has not picked up.

At the end of 2010, a tender was announced for the privatization of the state-owned stake in Ukrtelecom. However, taking into account the cost of the block of shares, only one participant filed an application for participation - a subsidiary of the Austrian concern EPIC.

On February 18, ESU received consent from the State Property Fund to acquire a stake in Ukrtelecom OJSC in the amount of 92.79% of the share capital of the joint-stock company for 10.5 billion hryvnia ($ 1.3 billion). The remaining 7% is owned by company employees sold during preferential privatization.

Today, March 10, the ESU authorized representative - Wolfgang Heritsch and the Head of the State Property Fund of Ukraine formally signed a contract of sale of a controlling stake.

ESU belongs to the Austrian concern EPIC. EPIC, in turn, is a financial advisor to companies such as Deutsche Telekom AG and France Telecom Group.

Currently, Ukrtelecom serves about 10 million fixed-line subscribers throughout the country, being an actual monopolist with 80% of the market share, as well as over 630 thousand mobile subscribers under Utel TM.

UPD 1 According to WIKI , net profit for 2008 amounted to UAH 1,525.5 million.

UPD 2 Official Financial Statements for 2010. thanksstar .