The State Property Fund (SPF) during an auction held on Wednesday sold the First Kyiv Machine-Building Plant JSC (previously the Bilshovyk plant) for UAH 1.429 billion. The auction, which lasted about 10 minutes, was held in one round, during which participant 3 offered a price of UAH 1.409 billion, and participant 1, which was General Commerce LLC, offered UAH 1.429 billion.
The price grew by UAH 40 million. Participant 2 was Invest Novatsiia LLC, participant 3 was Developing Company Kaskad LLC.
General Commerce LLC was registered in Kyiv in 2018, the charter capital is UAH 4,100. Its head is Ihor Khyzhniak.
The ultimate beneficiary of the company, Volodymyr Dovhopolov, is also the founder with a share of 9.99% via UDP Asset Management.
As Head of the State Property Fund Dmytro Sennychenko said, after the auction, the procedure provides for 10 days to sign the contract, 30 days to pay the specified amount, as well as the approval of the Antimonopoly Committee.
As reported, the starting price of the plant was set at UAH 1.39 billion. According to the privatization conditions, the new owner shall pay off the debts of the plant to employees, the state budget and other creditors (now the debts are more than UAH 500 million), implement the current collective agreement and prevent dismissal within a certain period.
In addition, the buyer needs to invest at least UAH 57 million in the modernization of the enterprise over three years, to retain a part of the production that has potential at the site in Kyiv or Zhashkiv, or other production facilities in Ukraine.
