Ukrainian government to sell its stake in national flag carrier

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KIEV – The government of Ukraine announced that it will sell its stake in Ukraine International Airlines (UIA) by the end of the year. The government owns 61.58% stake in the country’s flag carrier.

Reuters reports that according to Ukraine’s law, the government must first offer the stake to existing shareholders – the European Bank for Reconstruction and Development and Ukraine’s Capital Investment Projects.

A spokeswoman for the State Property Fund declined to provide any estimates of the stake’s price.

As it seeks to cut budget deficit and finance much-needed reforms, cash-strapped Ukraine also plans to sell its majority stake in the fixed line operator Ukrtelecom UTLM.PFT in December 2010.