The decision of the state property Fund (SPF) to cancel stock trades on the sale of 25% of actions “Odessaoblenergo” in the face of uncertainty with the introduction of RAB-regulation (incentive regulation) was correct, the member updated the working group on privatization Andriy Boytsun.

“The Foundation is here acted in the interests of the state as shareholder. For the purposes of privatization of the said package of shares (25%) “Odessaoblenergo” were estimated at 149 million. For the purposes of RAB-tariff “Odessaoblenergo” were estimated at 15.4 billion UAH, and according to this assessment the cost of the package state is 3.85 billion UAH, that is 26 times more,” – said the expert, who is also a member of the Strategic group of advisers to support reforms in Ukraine, the Agency “Interfax-Ukraine”.

According to him, if RAB-tariff of 12 .5% for “Odessaoblenergo” will be introduced, it just one year will bring 1,925 billion UAH of profit, which will give the owner 25% of the shares at 50% of normal dividend payments during the year, additional 241 million UAH.

“Conclusion: if the government expects the introduction of RAB-tariff, then it is more profitable not to sell this package, and to receive dividends. Any third-party investor who plans to buy this stake must be able to assess the probability of introduction of RAB-tariff. Therefore, for purposes favorable to the state sales better to wait for the introduction of RAB-tariff, and then to put this package up for auction”, – said A. Boytsun.

He noted that in the case of a sale at a price of 149 million UAH, the idea of privatization would be discredited, including in the eyes of the population and the budget revenues would be very small: less than 1% plan of privatization revenues in 2018, or about 0.01% of state budget revenues in 2018.

A. Boytsun added that another negative consequence could be that if such sale is not stimulated new investment.

“At these rates NKREKU every owner of power companies no incentive to invest in new capacities: it is more profitable to receive income from the RAB-tariff for “old” assets and instead invest in a new put money into a savings account where the rate is higher today than 12,5%”, – he explained.

“For efficient and equitable privatization, at a much higher price, with the new law on privatization, it is advisable to set the package “Odessaoblenergo” after the introduction of the RAB tariff”, – stated the member updated the working group on privatization.

As reported, the SPF was removed from the auction a blocking stake of shares of “Odessaoblenergo” and “Sumyoblenergo”, which was scheduled for 23 and 30 March, and then subjected to accusations that the aim cancellation of trading is supposedly trying to sell these packages even more expensive.