Offer for FAP rejected - Terms set by Ukrainian-British consortium unacceptable

Tender Committee has approved a decision of the Privatization Agency to reject a bid for the acquisition of 86.49 percent of all issued shares in the Priboj-based corporation Fabrika automobila Priboj (FAP), which has been submitted by a consortium consisting of Fincom Capital from Kiev, Ukraine and Team Constructions Investments from London.

The bidder has submitted amendments and supplements to the draft acquisition agreement that are not acceptable because they significantly change the structure of this transaction and the mutual rights and obligations of contracting parties, which is why the tender has been declared as unsuccessful, the Privatization Agency said in a release.

Tender Committee held its second session on 1 November 2012.