Business news from Ukraine


12 August , 2015  

KYIV. Aug 12 (Interfax-Ukraine) – Trading company Primestar Energy FZE (the UAE) has acquired a 100% stake in Ukraine’s insolvent Ukrgazprombank, the Individuals’ Deposit Guarantee Fund, the seller of the bank, has reported.

A purchase and sale agreement was signed on August 7 after an open tender among potential investors held on July 30. The sum of the transaction has been not disclosed at the request of the buyer, the fund told Interfax-Ukraine.

“The indicators of Ukrgazprombank’s solvency and liquidity should be restored by the new owner within 30 days. The completion of the bank capitalization should be confirmed by the results of an inspection conducted by the National Bank,” the fund said.

All investors, including legal entities and individuals, whose deposits exceed the guaranteed compensation sum of UAH 200,000, will be able to return their funds not earlier than the completion of bringing the bank’s activities in line with the requirements of Ukrainian banking legislation.

Under the terms of the deal, the fund will not spend its money on payment of guaranteed compensation. Primestar Energy will also reimburse for the fund’s expenditure for the implementation of temporary administration in the bank.

The fund appointed an authorized curator in the bank to monitor the investor’s fulfilling his obligations.

Primestar Energy FZE is engaged in trade in coal, steel, energy. The company operates in the markets of Middle East, Southeast and East Asia.