Ukraine To Sell Stake in Shipbuilder

Maritime Activity Reports, Inc.

August 2, 2000

Ukraine will sell a 78 percent stake in shipbuilding company Okean in an auction on September 11, the State Property Fund said. The stake in the company, located in Mykolayiv in southern Ukraine, is being offered to investors at a starting price of $4.8 million, the fund said. The winner of the tender would have to preserve Okean's specialization as ship-builder, pay off its debts to the budget of $459,660 and cover salary arrears of $1 million.

The charter capital of the company, defined as the number of shares multiplied by the face value of one share, is $704,199. In the first half of this year Okean had a pre-tax loss of $606,751. Last year the company had a pre-tax loss of $9.6 million.

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