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Kyiv plant Bilshovyk sells for $54 million

Source : 112 Ukraine

The winner of the auction was General Commerce LLC
12:39, 27 October 2021

Bilshovyk Plant, Kyiv
Panoramio

General Commerce LLC won the auction for the privatization of the First Kyiv Machine Building Plant (formerly the Bilshovyk Plant). The company bought the plant for 1.42 billion UAH ($53.7 million), Interfax Ukraine reports.

The starting price of the object was UAH 1.39 billion ($52.5 million). The price of JSC during the auction increased to UAH 1.429 billion ($54 million). Despite the fact that the minimum step of the auction was $756,000. The competitors of the winning company were Invest Novatsii and IDK Kaskad.

Earlier, it was reported that the Cabinet of Ministers approved the terms of sale of the state-owned stake in the First Kyiv Machine-Building Plant (formerly the Bilshovyk Plant) at auction. The starting price of 100% of shares was set at UAH 1.39 billion ($52.5 million).

According to the privatization conditions, the new owner must repay the debts of PKMZ to the labor collective, the state budget and other creditors (now the debts amount to over $19 million), fulfill the current collective agreement and prevent dismissal within a certain period.

In addition, the buyer needs to invest at least $2 million in the modernization of the enterprise over three years, to preserve part of the potential for production at the site in Kyiv or Zhashkov, or other production facilities in Ukraine.

Related: One of the three largest plants producing medical oxygen resumes operations in Ukraine

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