The Cabinet of Ministers, by its Resolution 609 of July 2, 2012, creates a state land bank with a registered capital of 120 million UAH, according to the decree published on the government portal.

To establish a public joint stock company State Land Bank (hereinafter the Bank) with a registered capital of 120 million UAH, one hundred percent of whose share capital would be owned by the state, the government decree says.

It is assumed that, to form the Bank’s authorized capital, the placement and issue of 120 million ordinary shares with a nominal value of UAH 1 each will be carried out.

To form the authorized capital of the Bank, the Ministry of Agricultural Policy and Food should repay the shares at the expense of funds envisaged in the state budget of Ukraine for 2012, and submit a draft charter of the Bank for the Cabinet of Ministers’ approval within one month.

Ukrinform