Krymgaz OJSC

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Ukrainian natural gas distribution company Krymgaz was partially divested in September 2012. The winning bidder was Gaztek JSC, from Kyiv, Ukraine. By winning the bid, Gaztek expanded its share in Krymgaz from 8.1% with 23.989% to 32.1%. Other equity holders in the firm were state-owned Chornornornaftogaz (15.455%), state-owned Naftogaz Ukrainy (25%) and the State Property Fund of Ukraine (23.989%). Gaztek JSC was 96% held by four Cyprus-based companies. KrymGas was incorporated as a subsidiary of Ukrtransgas, a division of Naftogas, in 1997 to focus specifically on the local Crimean market. Its market includes 14 Regional Administrations, with a 6,000km gas distribution network, serving 15 cities and towns in the region and 792 villages with a total user base of 354,000 and employing 2,500 people (2004 data). Two final bidders participated in the tender, the second firm being Finlex-Invest (Kyiv). Under the tender, the winning bidder obligates itself to invest UAH 8 million ($1 million) in the firm within three years. Total value of the winning bid was UAH 42.64 million ($5.3 million). The starting price was UAH 41.8 million. The Ukrainian bank representing Gaztek was Nadra Bank, Nadra Bank was 89.9% owned by Centragas Holding AG, from Austria. Gaztek raised UAH 250 million to purchase shares in Krymgaz as well as 11 other natural gas utilities:Volyngazm (23.4%), Sevastopolgaz (25%), Zaporizhgaz (25%), Dnipropetrovskgaz (26%), Chernivtsigaz (20.4%), Zhytomyrgaz (15.9%), Syrnygaz (25.8%), Luhanskgaz (26%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning. http://www.dgap.de/dgap/News/corporate/indusmin-energy-signs-sales-distribution-agreement/?companyID=1216&newsID=43807