The Mykolaiv alumina plant will be put up for privatization by the end of the year
30.03.2023 - 09:20
The State Property Fund (SPF) plans to privatize the Mykolayiv Alumina Plant, which is owned by russian oligarch Oleg Deripaska’s company Rusal, by the end of the year.
Legally, the plant has not yet reached the management of FDM. But the Fund plans to quickly put the asset up for auction, as soon as it gets it under management, FDM Chairman Rustem Umyerov said in an interview with Forbes.
According to him, it takes 60-90 days to prepare the object for privatization. Therefore, it is quite possible to start the privatization of the plant in the second or third quarter of the current year.
By February 24, 2022, the Mykolaiv Alumina Plant was valued at $1 billion. FDM puts the assets up for privatization at book value, and then the market already determines the final price.
Determining the balance sheet value of the plant is currently difficult, Umyerov noted. He noted that in order to determine the value, it is necessary to study what is left of the resources, debts, and analyze the accounting and financial statements of the plant. The facility is currently down, so FDM will look for ways to restart it.
Read also: Property of the Mykolaiv Alumina Plant was seized in Ukraine
