LvivOblenergo

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In Ukraine, starting in 1998 as an effort to improve payment discipline and the financial solvency of the sector, the first round of privatization of regional electricity distribution companies (oblenergos) took place. A weak legal framework along with the huge debts accumulated by oblenergos provided an opportunity for Ukrainian investors to acquire substantial shareholdings in some of them at low prices and thus deprived the State of revenues from transparent privatization. In all, seven oblenergos were privatized, which was generally considered sub-optimal as the oblenergos came to be controlled by offshore companies that initially refused to share their cash collections with the bulk power suppliers under a market algorithm in force. In addition, Government was concerned that investment in these companies had not been forthcoming. LvivOblenergo was one of the companies privatized by local investors in 1998. As of March 15 2002, the company share allocation plan was the next: the State retained 26.98% ownership in the utility, 73.02% of the shares were sold to various investors (8.05%-under preferential subscription, 12.94% bought at auctions, 12.94% bought at stock exchange, and 35.00% bought via tenders). On April 29, 2009, the State Property Fund sold the government's residual 26.98% stake (52,341,874 shares) in Lvivoblenergo to Tekt Trade [Ukraine] for UAH197.852 million (US$25.4 million). As of 2011, the company's shareholders were - multiple local investors who owned 87.8% while the remaining 22.2% were free floating shares. http://www.loe.lviv.ua/ company website 2011 capacity and sponsors http://www.dragon-capital.com/en/institutional_investors/research/companies_issuers/lvon.html