Naftogaz postpones placement of Eurobonds

Naftogaz postpones placement of Eurobonds

NJSC Naftogaz of Ukraine has decided to postpone the placement of U.S.dollar-denominated Eurobonds, due to which it was planned to attract at least a $500 million investment on the best possible terms for the company and its shareholder.

The press service of the company reported that this decision was approved due to a series of negative news from Ukraine.

“Naftogaz of Ukraine has chosen not to proceed with its new issue despite an oversubscription of demand and will defer the funding exercise to a later date. Naftogaz was ready to attract foreign investment to the country. It has become clear however that international investors are becoming more and more concerned about the political and operating environment in Ukraine,” Peter van Driel, CFO of the Naftogaz Group said.

In particular, investors referred to “the State Audit Service making allegations without any proof regarding reporting according to International Financial Reporting Standards”.

“Investors also mentioned, that they closely follow corporate governance reform in Ukraine as a key factor for the development of investment in Ukraine. While second important factor is the development of relations with IMF,” he said.

As reported, on October 16, the Audit and Risks Committee of Naftogaz's Supervisory Board issued a statement that Naftogaz’s financial statements complied with Ukrainian legislation and international financial reporting standards (IFRS).

On October 6, an article was published in the media about financial violations and shortcomings in the work of NJSC Naftogaz of Ukraine, identified by the State Audit Office during the audit for the period from October 1, 2018 to December 31, 2019. On the same day, the State Audit Office on its Facebook page refuted the information provided in the article.


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