Austria's EPIC has transferred Hr 10.5751 billion to Ukraine's State Property Fund (SPF) as payment for a 92.79% stake in telecoms giant OJSC Ukrtelecom, sold at a tender, the SPF said in a statement on Tuesday.
The SPF said that the first tranche worth Hr 4.2375 billion was transferred by the buyer on April 8, 2011, and the tender deposit worth Hr 1.05 billion was paid prior to the tender.
According to current Ukrainian legislation, the buyer was to pay the full price of the stockholding within 60 days of the monetary notification of the purchase agreement, i.e. by 60 days after March 11, 2011, the SPF said.
Ukrtelecom is the largest fixed communications operator in Ukraine and is developing the country’s 3G mobile communications. It is the only license holder for such services in Ukraine.
In the second half of 2010, Ukraine announced a tender to sell a 92.79% stake in the company, the only participant of which was Austrian company EPIC, belonging to five individuals from Austria.
Ukrtelecom in 2010 saw its net losses fall by 43.9%, to Hr 258.77 million, while its net revenues dropped by 1.7%, to Hr 6.749 billion.
