BNP Paribas S.A. (France) has increased its stake in UkrSibbank (Kyiv) to 60% from 59.99%, the Ukrainian bank reported in the information disclosure system of the National Securities and Stock Market Commission.
According to the report, the securities were transferred from the accounts of minority shareholders to the account of the French bank under the compulsory sale procedure. At the same time, the conditions for the redemption of securities are not specified.
As reported, the EBRD and BNP Paribas signed an agreement in late 2017 on the forced buyback of UkrSibbank shares from minority shareholders.
Within the framework of the agreement, BNP Paribas acts as an authorized person to acquire and fulfill all obligations.
The document also provided that the buyback would be carried out at a market price, which would be determined by the subject of valuation activities.
As reported, the law on amendments to certain legislative acts of Ukraine concerning the enhancement of corporate governance in joint-stock companies, adopted on March 23, 2017, introduced squeeze-out and sell-out procedures (the compulsory redemption and forced sale of shares) into the country’s legislative field. (Interfax-Ukraine/Business World Magazine)
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