The Mykolaiv Combined Heat and Power Plant has commissioned a valuation of the company’s shares

The private joint-stock company «Mykolaiv Combined Heat and Power Plant» (CHPP) has announced an open tender for an independent valuation of the company’s share price.

This is evidenced by procurement data in the Prozorro system, according to NikVesti.

The estimated cost of the services is 360,000 hryvnias excluding VAT. Including VAT, the total amounts to 432,000 hryvnias.

Announcement of the tender for the valuation of Mykolaiv CHP shares, screenshot from Prozorro

The tender documentation explains that the valuation is required to determine the market value of the company’s shares. Specifically, it concerns determining the fair price per share for a mandatory buy-back and the placement price of shares during a new issue.

According to YouControl, the nominal value of one share in the Mykolaiv Combined Heat and Power Plant is 25 kopecks, and the authorised capital is 829.7 million hryvnias. The company’s documents also state the total number of voting shares as 3.319 billion. However, the nominal value does not represent the market value — this must be determined by an independent valuation.

Almost all the shares in Mykolaiv Combined Heat and Power Plant are owned by NAK «Naftogaz of Ukraine». According to the company’s official ownership structure, Naftogaz holds 99.993393% of the CHP’s shares. Meanwhile, the Cabinet of Ministers of Ukraine holds 100% of the shares in Naftogaz itself.

In 2024, the Mykolaiv Combined Heat and Power Plant had already carried out an additional share issue. At that time, the company effectively placed over 3 billion ordinary registered shares with a total nominal value of 767.2 million hryvnias.

By law, the price of a mandatory share buy-back cannot be lower than their market value. A shareholder may demand such a buy-back if they voted against certain resolutions of the general meeting, in particular regarding significant transactions or corporate changes.

The Mykolaiv Thermal Power Plant is owned by the state, represented by Naftogaz of Ukraine, photo: Svidok.Info

The documents relating to the current procurement do not state that the valuation of the shares is linked to preparations for the privatisation of the Mykolaiv Combined Heat and Power Plant. However, the issue of the plant’s ownership has been discussed previously.

In 2018, the Mykolaiv City Council asked the government to transfer the Mykolaiv Thermal Power Plant to the city’s municipal ownership, as the company was being prepared for privatisation at that time.

In 2021, the State Property Fund again planned to put the state’s stake in the Mykolaiv Combined Heat and Power Plant up for sale . However, in the same year, the Cabinet of Ministers transferred the state-owned combined heat and power plants to Naftogaz and instructed that the privatisation of the Mykolaiv CHP be halted.

In 2024, the Cabinet of Ministers instructed Naftogaz to purchase additional share issues of five state-owned combined heat and power plants, including the Mykolaiv CHP. The government explained at the time that this was necessary to increase the authorised capital, stabilise the enterprises’ financial operations, settle gas bills and modernise the production facilities.

In 2025, the Mykolaiv Combined Heat and Power Plant agreed another significant transaction with Naftogaz — an interest-free repayable loan of 547 million hryvnias for a term of up to two years. In the documents, the company explained that this was necessary to support its operational activities and improve the reliability of its equipment.

In total, the Mykolaiv Combined Heat and Power Plant plans to commission four valuation services. Following each written request from the company, the contractor must prepare a report within seven calendar days. The overall deadline for the provision of services is 31 May 2027.

Bids from participants will be accepted until 20 June at 17:00. The winner will be selected on the basis of the lowest price.

It was previously reported that the director of the Mykolaiv Combined Heat and Power Plant, Dmytro Myroshnychenko, earns around 157,000 hryvnias a month.

As a reminder, almost 40 per cent of the CHP’s heating networks in Mykolaiv have been replaced.