Skloplastyk: SPF announces competition

The State Property Fund (SPF) held a third competition to sell 76.18% of the Skloplastyk Plant, a producer of fibreglass and fibreglass plastic in Severodonetsk in the Luhansk region, Ukraine, the SPF…

The State Property Fund (SPF) held a third competition to sell 76.18% of the Skloplastyk Plant, a producer of fibreglass and fibreglass plastic in Severodonetsk in the Luhansk region, Ukraine, the SPF announced in mid-April. The starting price of the share package was UAH 8.5 million. According to the competition conditions, offshore companies and bidders that do not provide information on the company that will control Skloplastyk after its privatization would not be allowed in the competition, which was to take place on 17 May 2002. According to competition conditions, the winner must carry out the technical reconstruction of the plant in a period of 5 years. The statutory fund of the plant is UAH 8,497,000 with the share face value of UAH 0.25. As reported, in August 2001 the Cabinet set the starting price of the 76.18% stake in Skloplastyk at around UAH 12 million. However, the SPF was unable to sell the stake due to a lack of bids. The Cabinet then reduced the starting price of the stake to UAH 8.5 million. The SPF also failed to sell a 51.17% stake in Skloplastyk in 2001 due to the lack of bids. Skloplastyk is Ukraine“s main producer of fiberglass and fiberglass plastic, which are used in the electrical, radio and construction industries.