Lviv Coal Company to be sold

The regional department of the State Property Fund of Ukraine has announced the date for a competition to sell 37.578% of shares in the Lviv Coal Company. It is planned that the new co-owner will be named by approximately September 16th. The starting price to bid for the state shareholding is Hr 80.992 m (US$10.25 m).

The official valuation/funding of the company is Hr 305.610 m (US$38.7m). In 2009 the reported trading balance was a loss of Hr 34.107 m (US$4.3 m) and in the first quarter of 2010 it reported a loss of Hr 57.272 m (US$7.2 m). Notes payable in 2009 were Hr 213.128 m (US$26.98 m) and in the first quarter of 2010 the comparable figure was Hr 79.793 m (US$10.1 m). Conditions attached to bidding in the competition include the stipulation that bidder must retain the company’s primary activities. Also the new co-owner must invest Euro 1 m per year in a factory modernisation programme over the next five years.