Ukraine starts telecoms privatization process

Ukraine's government on Oct 13 formally launched a privatization tender for Ukrtelecom, the state's fixed-line telephone company.

With an estimated price starting in the region of $1.3bn, the sale is expected to raise badly needed fresh funds for cash-strapped Ukraine, which was battered heavily by the 2009 global recession and is being kept financially afloat thanks to a $15bn IMF assistance package. The winning bid is expected to be chosen by December 28. The sale is the first big privatization tender being held by Viktor Yanukovich since he took over as Ukraine's president in February. It is being watched closely to gauge how transparently privatization will be conducted under his leadership.