Ukraine further simplifies privatisation procedures and announces new privatisation auctions
Following the introduction of simplification measures for state property sales, Ukraine’s government has announced the commencement of the first round of privatisation auctions to begin in September 2022.
This year’s privatisation will start with the sale of two assets: the Kobylovoloky and Marylivka distilleries owned by the state-owned alcohol producer Ukrspyrt. The initial auctions for these assets are scheduled for 19 and 20 September respectively. As reported by the State Property Fund of Ukraine, more privatisation auctions will be announced soon for the 158 privatisation assets to be put up for sale in the near future (including the auctions scheduled for later in September).
To further facilitate the privatisation process, on 23 August 2022 the Ukrainian government also changed the procedure for conducting electronic auctions for small-scale assets. The procedure now includes a repeated auction using a step-by-step reduction of the starting price, shortening the timelines of certain steps and simplifying the requirements for the preparation of the objects to be auctioned.
Legislation: Resolution of the Cabinet of Ministers of Ukraine No. 952 On Amendments to the Procedure for Conducing Electronic Auctions for Sale of Small-Scale Privatisation Objects and Determining Additional Sale Conditions, dated 23 August 2022.
CMS will continue to monitor privatisation developments in Ukraine. For more information on Ukraine’s new privatisation procedures, contact your usual CMS advisor or local CMS expert:
The text was prepared by CMS in Kyiv.