Ukrzaliznytsia's incorporation is to be completed by the end of the year / Photo from UNIAN
The Ukrainian government has registered public joint-stock company Ukrainian Railways, or Ukrainska Zaliznytsia, which has been set up on the basis of the State Rail Transport Administration, also known as Ukrzaliznytsia, according to Ukrainian Infrastructure Minister Andriy Pyvovarsky.
"We've just registered a legal entity, called public joint-stock company (PJSC) Ukrainian Railways [Ukrainska Zaliznytsia]," the minister wrote on Facebook.
As UNIAN reported earlier, the Cabinet approved the six-member composition of the board of the joint-stock company created on the basis of Ukrzaliznytsia.
The Cabinet on September 2, 2015, 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 the 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.
Pyvovarsky stresses that amendments should be introduced to some laws to reform Ukraine's railways sector. He predicts that reform itself may take several years. In particular, Ukraine needs to pass a new law on rail transport and a law to set up a national commission for regulation of the transport sector, after which about 50 legal acts need to be amended.