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Ukraine: Skloplastyk bidders named

Swiss Florhof Handels-und Beteiligungs GmbH and Kyiv-based UPCC (Ukrainian Petrochemical Company) submitted bids for the Ukrainian state“s 76.18% stake in the Skloplastyk plant (Siverskodonetsk, Luha…

Swiss Florhof Handels-und Beteiligungs GmbH and Kyiv-based UPCC (Ukrainian Petrochemical Company) submitted bids for the Ukrainian state“s 76.18% stake in the Skloplastyk plant (Siverskodonetsk, Luhansk region), the country“s major producer of glass fiber and fiberglass plastic. The auction was due to be decided on 26 May 2003. The starting price of the stake was set at UAH 8.5 million. Under the terms of the auction, the buyer must carry out upgrades of the plant worth UAH 1 million. In particular, the buyer must install new glass-melting facilities for UAH 0.5 million, modernize equipment for the production of press-materials for UAH 0.3 million and develop new oil additions for glass fiber. The plant“s statutory fund is UAH 8.497 million and the face value of shares is UAH 0.25 per share. Skloplastyk finished 2002 with losses of UAH 1 million. In 2002, the plant reduced output by 26.497% or UAH 6.088 million compared to 2001, to UAH 16.89 million.

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