The State Property Fund will offer 1% of the shares in Ukrtelecom, Ukraine's largest telecommunications company, on sale on the First Stock Trading System (PFTS) on June 8, Cabinet press office reported.

The sale was published in the privatization Bulletin newspaper on April 25.

Last week, the State Property Fund announced that it would offer 1% of the shares in Ukrtelecom for sale on the Ukrainian Stock Exchange on may 22.

Earlier, representatives of the State Property Fund explained that the 1% stakes in Ukrtelecom that were being offered for sale would be divided into small lots and offered at the starting price of UAH 2-3 million.

In total, the State Property Fund plans to sell 5% of the shares in Ukrtelecom in the first two quarters of this year in 1% stakes and aims to generate about UAH 1 billion from their sale.

The State Property Fund announced an updated plan for sale of shares in Ukrtelecom on March 21.

The plans provides for preservation of state ownership of a 50% stake + 1 share in the company, sale of 37.86% on international stock exchanges from August 1 to December 31, 2007, and sell 5% (1% at a time) on five Ukrainian stock exchanges from March 28 to June 23, 2007.

Ukrtelecom is a monopolist on the market of fixed-pine communications in Ukraine.

The state owns 92.86% of the shares in the company; 7.145 have been sold the company's employees.


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