The state property fund sold UMCC for almost UAH 4 billion

The State Property Fund of Ukraine sold JSC “United Mining and Chemical Company” (UMCC) at the auction.

The winning price for the lot was UAH 3.9 billion, the State Property Fund of Ukraine reported reported.

At the auction for the privatization of the state package of shares in the size of 100% of the authorized capital of JSC “United Mining and Chemical Company”, one participant submitted an application – “Tsemin Ukraine” LLC. The rate offered by him is UAH 3,938,351,581.

The decision on the privatization of the enterprise by means of a buyout will be made public by the FSMU within five working days from the day of the formation of the protocol. Before that, this decision must be approved by the Cabinet of Ministers.

This is the second large privatization lot that the State Property Fund team put up for sale.

According to the approved conditions of sale, the buyer is obliged to preserve the main activities of the enterprise, to invest in technical conversion and modernization of at least UAH 400 million. And also — to pay debts from wages and to the budget and repay overdue payables.

JSC “UMCC” is the largest enterprise in Ukraine for extraction and beneficiation of titanium ore concentrates. The company includes the Vilnohorsk mining and metallurgical plant in the Dnipropetrovsk region and the Irshan mining and beneficiation plant in the Zhytomyr region. Last autumn, UMCC resumed shipment of ilmenite concentrate to the European market.

Earlier, USM reported that the prosecutor’s office had completed the investigation into the embezzlement of funds from UMCC and Odesa Port Plant.