Partial privatization of the largest shipyard in Ukraine

The State Property Fund of Ukraine (SPFU) sold a stake in the country's largest shipyard - the Black Sea Shipyard (ChSZ). It was sold on the Ukrainian Stock Exchange in Kiev, according to the rules of the Dutch auction (the asking price is gradually decreasing). This scheme was applied due to the limited interest in buying the package for potential buyers.

Thus, the auction sold 9.64 percent of the shares. The purchase price was 1.49 million hryvnia (about 60 thousand US dollars, at the current exchange rate of the National Bank of Ukraine), which is 8.4 times lower than the initial cost. The auction was won by Smart Maritime Group, which belongs to the Smart Holding Group, one of the largest industrial conglomerates in Ukraine, controlled by Vadim Novinsky. The holding operates in the metallurgical industry, marine cargo handling and shipbuilding industry.

In 2015 (ChSZ) was on the verge of bankruptcy. The reason is the need to change the profile of activities, overdue loans and financial problems with the sale of products. Emergency measures are only aimed at attracting new capital for the company. (ChSZ) is capable of building ships of more than 100 thousand DWT, including tankers, bulk carriers, container ships, etc. However, the last of its activities was ship repair. At the same time, along with the recent decline in the core business, it also began to provide cargo handling services.