Rinat Akhmetov's SCM company has decided to participate and compete in the purchase of a 10% share of Ukraine's largest land-line telecom company, state-owned monopoly "Ukrtelecom". Akhmetov revealed his intention after an announcement by the State Property Fund to float 10 percent of shares of the company on February 21st on Ukrainian exchanges. SCM's final decision will be made after details of the partial privatization offer are revealed.
It is intended that around a further 33% be released for sale on foreign exchanges at a later date.
President Yushchenko has suggested that a controlling packet of shares should be sold to encourage large European and other investors to bid, but Ukraine's State Property fund have apparently decided that only 10% of shares will be released at the moment, the rest remaining under the State control. Foreign investors would be more interested to buy if they could secure at least a blocking packet [25 or 30%] of shares.
The value of the whole company is estimated to be $4-$5Bn, but a 10% portion would be worth at a minimum 40% less than $400m, so this looks like another dubious sale that could well benefit SCM if and when more shares become available. But least it keeps the Ruskies out.
Rinat Akhmetov is Ukraine's richest man and PoR's main financial sponsor. There are dozens of deputies closely linked to him and to SCM in the Verkovna Rada.
I've not seen any comment yet from Yulka T. about all of this..
Playing footsies under the table?
Oh, and this:
"PRESIDENT VIKTOR YUSHCHENKO HAS SIGNED A DECREE CONFERING THE ORDER OF YAROSLAV THE WISE, 3RD GRADE ON EX-PROSECUTOR GENERAL MYKHAYLO POTEBENKO FOR HIS SIGNIFICANT CONTRIBUTION INTO CONSTRUCTION OF LEGAL UKRAINE, STRENGTHENING PUBLIC ORDER AND PAINSTAKING WORK ON THE OCCASION OF HIS 70TH BIRTHDAY."
This is the man who has been called the living embodiment of Kuchma's law enforcement system. Potebenko was a central figure in the investigation of former energy minister Yuliya Tymoshenko when she was sacked 5 years ago having been accused of fraud, and in the scandal and subsequent cover-up of the disappearance and murder of journalist Georgy Gongadze.