The Cabinet of Ministers approved the transformation of SE "Guaranteed Buyer" into a joint-stock company

On February 2, the Cabinet of Ministers passed a decision on the transformation of the state-owned enterprise "Guaranteed Buyer" into a joint-stock company, 100% of the shares in the authorized capital of which belong to the state and are not subject to privatization.

"We are continuing the corporate governance reform. The transformation of "Guaranteed Buyer" into a joint-stock company will increase the transparency of the company's work. The company will become more understandable for international counterparties, this will facilitate its potential integration into the European market," said Oleksiy Sobolev, Deputy Minister of Economy of Ukraine.

According to the decision of the Government, a commission for the transformation of the enterprise should be created. The commission will develop a draft plan for the transformation of the enterprise, prepare a deed of transfer of property, which is included in the authorized capital of the JSC, and determine the term of claims to the enterprise by creditors (two months from the date of entry into force of the order). An inventory commission of the enterprise should also be formed, and the State Property Fund was instructed to ensure the review of the report on the valuation of the enterprise's property in accordance with the procedure established by law.

As Artem Nekrasov, the head of "Guaranteed Buyer" noted in an interview with ExPro in September 2023, corporatization of the company will take six months to a year.

"If we are going to export, we need to have expertise in those markets. This can be done through the mechanism of the supervisory board, where independent members will be involved. Usually, such representatives also chair the performance audit, remuneration and appointment committees. This is normal practice. And we would like to strengthen the team through an open competition. And you also need to meet the standards of the European market, including openness and transparency of your business processes," Nekrasov explained.