The Cabinet of Ministers has decided to transform the state-owned enterprise (SE) Guaranteed Buyer into a joint-stock company, with 100% of the shares in its authorised capital owned by the state and not subject to privatisation. The decision was taken at a meeting of the Cabinet of Ministers of Ukraine on 2 February.
“We are continuing our corporate governance reform. The transformation of Guaranteed Buyer into a joint-stock company will increase the transparency of the company’s operations. The company will become more understandable for international counterparties, which will facilitate its potential integration into the European market,” said Oleksii Sobolev, Deputy Minister of Economy of Ukraine.
According to the Government’s decision, a commission for the transformation of the company will be set up. The Commission will develop a draft plan for the company’s transformation, prepare a deed of transfer of property to be contributed to the authorised capital of the JSC, and determine the term of creditors’ claims on the company (two months from the date of the resolution’s entry into force).
In addition, an inventory commission of the enterprise is to be formed, and the State Property Fund is instructed to ensure that the report on the valuation of the company’s property is examined in accordance with the procedure established by law.
SE Guaranteed Buyer purchases electricity from renewable energy sources to support the industry and ensure the availability of electricity to the population.