Zhitomirgaz

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Ukrainian natural gas distribution company Zhitomirgaz 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 0.0% with 15.864%. Other equity holders in the firm were Materon Limited (registered in Cyprus, 21.1%) and the State Property Fund of Ukraine (25.0%). Gaztek JSC was 96% held by four Cyprus-based companies. 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 3.4 million ($0.42 million) in the firm within three years. Total value of the winning bid was UAH 16 million ($2 million). The starting bid was UAH9.7 million (1.19 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 Zhitomirgaz 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%), Krymgaz (23%), Ivano-Frankivskgaz (25%) and Kykolaivgaz (25%). Financial closure date was unavailable, reported here is month of tender winning. http://zhitomirgaz.com.ua http://business.highbeam.com/407705/article-1G1-302654932/firtash-firm-continues-buy-up-ukrainian-gas-utilities