Univer investment group acquires 23% stake in Ukrainian Exchange

"We are acquiring 23% of shares," Sukhorukov said.

In turn, Taras Kozak, the president of the investment group, informed that the deal would be finalized after securing a permit from the National Securities and Stock Market Commission (NSSMC) to perform a significant acquisition of the stock exchange.

"Now, the regulator has to approve the deal. After that, we will offer a significant stake in the stock exchange to all market participants, and will be ready to open dialogue with the government, foreign institutional and strategic investors. ... We are interested in allowing the stock exchange to have maximum free float. Over time, I do not rule out a secondary public offering," the company's press service quoted Kozak as saying.

It is also reported that the seller requires payment of shares to be conducted in a freely convertible currency, while the current legislation of Ukraine does not allow Ukrainian legal entities to do this, so the buyer in the transaction is a foreign SPV [special purpose vehicle].

"Now the most advanced stock exchange of the country will be able to maintain its license and continue developing a regulated financial market in Ukraine," Kozak summed up.

As UNIAN reported earlier, two Ukrainian investment companies – Dragon Capital and Univer – were planning to acquire 43.08% of shares of the Ukrainian Exchange from the Moscow Exchange.

The Moscow Exchange Supervisory Board decided in September to sell the assets of the Ukrainian company.

Under the Law of Ukraine on the licensing of certain types of economic activity, the NSSMC has the right to revoke a license of the Ukrainian Exchange for professional activity on the stock market given significant regulation of its operations by a resident of Russia, recognized by Ukraine as an aggressor country.