OREANDA-NEWS. July 12, 2010. Ukraine’s State Property Fund sold 8.76% of Poltavaoblenergo (UX: POON UK) at UAH 3.03 per share, 10% over the initial starting price of the auction, on Friday. The SPF offered a 25%+1 stake to investors in 26 lots (25 lots of 0.97% stakes and one lot of 0.67% stake). The SPF plans to put up remaining lots for sale on July 16 and offer them on a weekly basis until sold.

Concorde Capital: the sale price implies valuation at 0.33x on EV/RAB (Russian peer median of 0.46x) and 3.9x on EV/EBITDA ‘11E (Russian peer median of 4.9x), according to our estimates. At the next auction on July 16, the SPF will start selling Poltavaoblenergo at the same price of UAH 3.03 per share, if no bids are made, the state could decrease the starting price by up to 30% for the next week’s auction.