The Ministry of Finance of Ukraine has resumed the process of corporatisation of SE NPC Ukrenergo — reorganisation of the State Enterprise into a Private Joint Stock Company (PrJSC) with 100% stock owned by the state. Respective Order No.73 “On conversion of the State Enterprise NPC Ukrenergo” was issued by the Ministry of Finance on February 15, 2019.
It should be noted that this legal form allows for additional protection of interests of the State as the main stockholder. Further plans to transform Ukrenergo into a joint stock company involve taking an inventory of Company property, independent valuation of assets, drawing up preliminary balance and audit, approving evaluation report and statute, decision to issue shares of the PrJSC and conduct audit for the purposes of formation of authorised capital, registration of PrJSC and decision to issue shares.
In addition, on February 15 Order No.72 “On Approving the Statute of SE NPC Ukrenergo” by the Ministry of Finance amended the Company statute, transferring transfer of ownership role over SE NPC Ukrenergo from the Ministry of Energy and Coal Industry of Ukraine to the Ministry of Finance of Ukraine.
“Transformation of Ukrenergo into a joint stock company and corporate governance reform are pre-requisites for the Company’s certification as an independent TSO, as well as introduction and further operation of the new model of the electricity market. At this crucial stage of the energy sector reform, we rely on decisive and consistent decisions by the state. We, for our part, make every effort for its successful implementation, and look forward to further fruitful cooperation with the Ministry of Finance in this area”, — said Vsevolod Kovalchuk, CEO of SE NPC Ukrenergo.