OREANDA-NEWS. April 18, 2012. DTEK has won a tender held by the State Property Fund of Ukraine (SPFU) on the sale of 50% in Dniprooblenergo PJSC and will pay UAH 660.1mln for the shares. During the tender, the price of the company’s stake went up by UAH 60.1mln. Thus, DTEK has concentrated 51.505 % in Dniprooblenergo.
 
Based on the results of the tender held on 17 April 2012 on the principles of auction and bid price openness, DTEK Holdings Ltd. and the SPFU signed a sale and purchase agreement. The payment will be made within a week after the parties signed the agreement.
 
Dniprooblenergo is the largest power supplying company in Ukraine conducting two types of licensed activities: electricity transmission and sales. The company renders services to a region of almost 32 thousand square kilometers. The total length of its electricity transmission lines is 49.7 thousand km. Dniprooblenergo supplies electricity to over 40 thousand legal entities and 1.5 million households. The largest consumers are iron and steel making, engineering and chemical companies.
 
As part of the company’s modernization, DTEK plans to implement a number of projects to decrease electricity network losses, optimize and allocate loads, reserve power sources, provide for more possibilities for new consumers’ connections, make the processing of consumer requests more efficient, and develop internet services.
 
"The fact that we won the tender on the sale of the controlling stake in Dniprooblenergo shows that DTEK is ready to implement the strategy on expansion of the electricity transmission and supply business in open competition. Dnipropetrovsk Region has a big industrial potential and its development directly depends on proper uninterrupted power supply. We are confident that DTEK’s experience, financial capacities and managerial expertise will bring Dniproenergo to a new level of consumer satisfaction. To achieve this objective, we are going to upgrade the electricity networks, the current deterioration level of which is 30%. The total amount of investment DTEK plans to allocate in 2012 is about UAH 1.5 bln", said Maxim Timchenko, DTEK’s CEO.