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Posted On

03
May
2022

Privatization of President Hotel stopped, corporate rights transferred from SPF to state administration – govt resolution

KYIV. May 3 (Interfax-Ukraine) – The powers to manage corporate rights owned by the state in the charter capital of the private joint-stock company President Hotel have been transferred from the State Property Fund (SPF) to the state administration of affairs.

The Cabinet of Ministers adopted corresponding resolution No. 320-r on April 29, 2022.

The resolution also states that the State Property Fund must ensure the cessation of the privatization of PrJSC President Hotel and re-register, together with the State administration in the prescribed manner, the corporate rights of the state in its charter capital.

As reported, in mid-February 2022, Concorde Consulting LLC from the Concorde Capital group of companies, acting as an adviser on the privatization of President Hotel, determined its starting price at UAH 390 million. Concorde Capital’s independent appraisal partners were Marcus Bureau, Creston GCG, BDO Consulting, Redcliffe Partners and Cushman&Wakefield.

Earlier, the starting price of President Hotel at the privatization auction, according to UkraineInvest, was estimated at $12 million.

As reported, the State Property Fund planned to hold a tender for the privatization of President Hotel in November 2021, but postponed the sale of the facility.