On October 7, the Cabinet approved the board of PJSC Ukrainian Railways created on Ukrzaliznytsia's basis / Photo from UNIAN
Ukraine's Infrastructure Ministry plans to complete incorporation of the Ukrainian Rail Transport Administration, or Ukrzaliznytsia, early in November 2015 and create a public joint-stock company (PJSC) on its basis, with all its assets to be transferred by the end of 2015, so that the new entity could start working as of January 1, 2016.
The process of Ukrzaliznytsia's incorporation and formation of a new joint-stock company on its basis is to be fully completed by the end of 2015, Infrastructure Minister Andriy Pyvovarsky said during a government Q&A session in parliament.
"On September 2, 2015, we took the decision [to create a PJSC on the basis of Ukrzaliznytsia]. And if there is no bureaucracy, we'll be able to proceed with the incorporation in the first week of November and create the PJSC. And all assets will be transferred [to it] by the end of 2015, so that the new entity could start working as of January 1, 2016," he told lawmakers.
As UNIAN reported earlier, Pyvovarsky introduced Ukrzaliznytsia's incorporation project at a government meeting on September 2, and it was approved by the Cabinet of Ministers on the same day.
The Cabinet also approved draft bylaws of PJSC Ukrainian Railways, and instructed the Infrastructure Ministry to endorse a resolution on the company's supervisory council, audit commission and board.
It also became known that the joint-stock company being created on the basis of Ukrzaliznytsia plans to raise UAH 229.88 billion through the private placement of its first issue of shares.
On October 7, the Cabinet approved the board of PJSC Ukrainian Railways.
As part of preparations for the incorporation, Ukrzaliznytsia's assets were estimated at UAH 245 billion, excluding assets in Russian-occupied Crimea and Donbas.
Ukrzaliznytsia's incorporation was originally planned to be completed by September 2015.