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Ukraine to restructure, corporatize state enterprises of aerospace sector by 2018

Ukraine to restructure, corporatize state enterprises of aerospace sector by 2018The State Space Agency of Ukraine (SSAU) is working on restructuring of enterprises of the aerospace sector, including the corporatization of the sector by 2018, SSAU Head Liubomyr Sabadosh has said in an exclusive interview with Interfax-Ukraine.

"As part of a legislative initiative of an executive branch SSAU has designed a concept for reforming the sector with the change of the form of ownership of our enterprises. It has been submitted to the government. We propose the corporatization of the enterprises that could attract an investor not via the sale of assets, but via the sale of share capital," he said.

Sabadosh said that this would contribute to getting orders and investment and retaining the technological and industrial capital of the sector.

SSAU estimated that it will take one or one and a half years to carry out mechanical restructuring work. The bill is pending the approval of the ministries and agencies. This autumn the document could be floored to the Verkhovna Rada.

"If lawmakers support us, from 2018 we would have a new national space program based on new principle. We would start implementing it with corporatized enterprises," Sabadosh said.

"Foreign investors who would express desire to take part in the implementation of Ukraine's national space program would be able to participate in the negotiations and, eventually, in the privatization of share capital of the state-run joint-stock holding companies," he said.

"I want to emphasize that restructuring is not privatization: we do not want to permit chaotic sale of space companies that are of strategic importance for the state," Sabadosh said.
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