OREANDA-NEWS. July 09, 2010. Ukraine’s parliament amended the state budget yesterday, trimming targeted revenues from privatization from UAH 10.0 bln to UAH 6.35 bln.

Concorde Capital: The major part of the previous target of UAH 10 bln was proceeds from the privatization of the state’s 93% stake in Ukrtelecom (UX: UTLM UK). We believe that in lowering target to UAH 6.35 bln, the state is signaling its intention to delay Ukrtelecom’s privatization to next year, since we deem UAH 6.35 bln below the starting auction price that state would set for the Ukrtelecom stake. Instead, we think the state might speed up the privatization of one of two GenCos that are the most interesting for local bidders, either Dniproenergo (UX: DNEN UK) or Zakhidenergo (UX: ZAEN UK).