UkrESCo shareholders plan to replace company's CEO

MOSCOW. Oct 11 (Interfax) - The shareholders of the Ukrainian Energy-Saving Service Company (UkrESCo) plan to replace its longstanding CEO Vasily Bogatyr with Dmitry Spivak at a meeting on November 1, 2024.

As follows from the agenda published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the replacement is scheduled for mid-November.

The shareholders also plan to transform UkrESCo from a private joint-stock society into a joint-stock society and amend its charter.

The meeting has been initiated by Ukrainian Distribution Grids (UDG), which has owned a 99.66% stake in UkrESCo earlier belonging to the Energy Ministry since October 2023.

UkrESCo was founded in 1998 to implement the provisions of a loan agreement between Ukraine and the European Bank for Reconstruction and Development (EBRD) designed to develop energy saving projects and put them into practice.

The company has not conducted business activities in the past few years, although it owns a 25% stake in the Cherkassy regional power grid operator.

UDG owns 99.66%, Ivan Mitin 0.18%, and Diamex LTD (the British Virgin Islands) 0.16% in UkrESCo.

UDG was set up in 2023 to manage state-owned electric power assets. It holds government stakes in the Khmelnitsky, Nikolayev, Zaporozhye, Ternopol, Cherkassy, Kharkov, and Sumy regional power grid operating companies.