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State Property Fund puts Mukachiv-based Tochprylad on the block

March 31, 2010

The State Property Fund (SPF) put 50%+1 shares in the Tochprylad plant (Mukachiv, Zakarpattia) on the block a second time. The Fund hopes to sell 2,955,000 shares with a nominal value of UAH 0.25. The starting price for the stake is UAH 8.9mn. The company’s statutory fund is UAH 1,477,000. Bid raises during the voice auction must be at least UAH 90,000. The registered number of employees at the company as of March 1 was 2,964.

The buyer has to commit himself to maintain the commercial activities established as of the date of the contract. In addition, the buyer must ensure income of at least UAH 68mn annually from the manufactured products for five years from the moment of transfer of ownership of the share package. Moreover, net profits must be at least UAH 700,000 annually. The buyer commits to also investing into launching the manufacture of plastic products no later than 2012.

The competition to buy these shares will take place 75 days after the publication of the sale of the company, tentatively May 31.

The SPF placed 50%+1 shares of Tochprylad up for sale at an SP of UAH 11,876,000 but that tender garnered no buyers and was cancelled.

Brief: In 2009, Tochprylad ended the year with a net profit of UAH 760,000, representing an increase of 0.18% or UAH 124,000, to UAH 68,430,000 over 2008. Tochprylad is an open joint-stock company (VAT) that manufactures controls and measuring instruments, electric motors, generators and transformers. It also manufactures equipment that picks up, records and plays back sound and images. In addition to the state-owned stake, 19.9% of the shares belong to Coch Investments Limited (British Virgin Islands) and 14.3% to DRGN Limited (Cyprus).

Tags: industry