The buyer of the UMCC paid almost UAH 4 billion to the state budget

The state budget of Ukraine received almost UAH 4 billion from the privatization of the United Mining and Chemical Company (UMCC).

The buyer of the asset paid UAH 3.94 billion to the state budget, the State Property Fund reported.

Acting Head of the State Property Fund Ivanna Smachylo commented that the privatization of UMCC is “not just the sale of a state asset, but the attraction of a strategic investor who will ensure the further development of the enterprise.”

According to her, the buyer has committed to investing at least UAH 400 million in the modernization of production. These investments create the basis for increasing the efficiency of titanium raw material processing and expanding the possibilities of producing products with higher added value.

JSC “UMCC” is the largest producer of titanium raw materials in the country. The company includes two plants: Vilnohirsk Mining and Metallurgical Plant in Dnipropetrovsk Region and Irshansk Mining and Processing Plant in Zhytomyr Region.

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