21 Nov 2023 10:57

Ukraine's Deposit Guarantee Fund to sell 0.9% of PFTS Exchange shares held by defunct banks

MOSCOW. Nov 21 (Interfax) - Ukraine's Deposit Guarantee Fund (DGF) plans to sell 291 of shares equivalent to a 0.9091% stake in the PFTS Stock Exchange that are held by five banks that are being liquidated.

The shares, which are on the balance sheets of Prominvestbank, Megabank, MR Bank, Ibox Bank and Arkada Bank, will be auctioned on the exchange itself, Ukrainian media reported, citing the DGF.

The shares will be divided into five lots of 55-60 shares, four of which will be offered at a starting price equivalent to the shares' par value, UAH1,000. The lot with 55 shares held by Ibox Bank will be offered at UAH1,130. Proceeds from the sale will be used to pay creditors of these banks.

These will be hybrid Dutch auctions where the starting price will automatically decrease in increments, with a sealed bid stage and final price offer. The bidding deadline is December 11.

Bohai Commodity Exchange (BOCE Co. Limited, Hong Kong) has been the PFTS Stock Exchange's largest shareholder since the beginning of 2022 with a 49.9% stake.

The official exchange rate was UAH36.14/$1 on November 20.