Privatisations

The recent threat of ING Bank to hold Ukraine in default (declaring the eight-year-old nation to be insolvent) may have finally forced Ukraine into an interesting series of economic reforms, leading to a renewed effort in the privatisation of its enterprises. On 21st July, 1999, the Ukrainian Cabinet of Ministers passed a Resolution:Approving the procedure for selling state-owned shares in specific open joint stock companies on international markets. An open joint stock company is similar to a publicly held corporation in the US in that their shares may be distributed through an open subscription and purchased and sold on a stock exchange.Making it possible for investors to buy packets of shares from those open joint stock companies in the form of depository receipts.