As the Ukrainian government looks for ways to cut its own budget deficit, its State Property Fund plans to sell its 93 percent stake in wireline service provider monopoly Ukretelecom.
With a starting price of $1.3 billion, Reuters reported that a spokeswoman for the State Property Fund said that the "tender will take place on Dec 28."
Although the proposal to privatize Ukretelecom had been delayed in recent years due to political battles, the Ukranian government decided to put the telco back on the auction block in June. However, it did not take any real action until this September when it announced that its stake would be sold in an open auction.
Ukretelecom, a service provider that currently serves about 80 percent of the Ukraine's wireline market with some wireless holdings, earned $6.1 million in the first half of 2010. This was an improvement over 2009 when the service provider last $16 million.
- Reuters has this article
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