SPF Announces New Plans to Resell Luhanskteplovoz
OREANDA-NEWS. February 11, 2010. The State Property Fund plans to resell its 76% stake in Luhanskteplovoz (UX: LTPL
Concorde Capital: This publication was a preliminary schedule for privatization. According to privatization procedures, an official announcement for the auction still must be made and be done 75 days beforehand, which already makes it impossible to sell Luhanskteplovoz earlier than late April. Currently, the SPF is in process of valuating the stake; an SPF representative declined to say when a privatization announcement can be expected, when we asked. Luhanskteplovoz quotations on the UX imply a price of UAH 500 mln for the state 76% stake (vs. UAH 292.5 mln in the 2007 privatization). As we continue seeing Transmashholding as the only potential buyer, we think the stake will be sold at the auction’s starting price. We advise holding Luhanskteplovoz shares until the SPF announces the starting price of the auction.
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