Commercial tender to be held for the carrier (180 words)

Published: 9/1/2000

The State Property Fund of Ukraine will hold a commercial tender on 15th September for the sale of the state holding in AOOT Universal-Avia based in Zaporozhye,a passenger and cargo carrier, formerly known as Zaporozhye Aviation Enterprise. The tender will be open to both Ukrianians and foreigners and offers 98.65% of Universal-Avia, for a minimum of 1.3m hr ($240,000). Under the terms of the tender, within 60 days of purchasing the stake the buyer will have to pay overdue accounts payable of 344,300 hr ($64,000). Universal-Avia was registered in 1996 and the management, employees, and retirees of the company own the outstanding 1.35%. In the first half of 2000 the company turned over 726,000 hr ($134,400) after 878,600 hr in the first half of 1999. The airline however generated a profit of 154,500 hr compared with a loss for the same period in 1999. The airline currently owes 878,000 hr virtually unchanged for 1999, but accounts receivable have shown considerable growth on 1999, growing by over 35% to 1.6m hr.

Article ID: 2048