UBRD sold to Chinese investor for almost UAH 83 mln

22:40, 01 December 2016
Economy
130 0

The State Property Fund of Ukraine (SPF) chief Ihor Bilous said Wednesday it had sold at a second-try auction a state-owned  Ukrainian Bank for Reconstruction and Development (UBRD) to China's Bohai Commodity Exchange Co., Ltd. (BOCE).

Photo from UNIAN

The bank was sold at a starting price as the bidding had just one participant, Bilous reported on the results of Ukraine’s effort to continue its privatization spree.

Read alsoOPP in focus of 6-7 investors: State Property Fund chiefThe SPF initially attempted to auction off UBRD at a starting price of $118.9 but no participants showed up to take the offer.

Xinhua reports that, in order to resume the bank's operation that was suspended for lack of funds, the Chinese company should invest at least $100,000 in the financial institution.

Bilous also invited more Chinese investors to join Ukraine's privatization program, under which the East European country planned to sell more than 300 state-owned enterprises.

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