Reprivatization is coming to Zaporozhye: Firtash will again have to “buy” ZTMC
Kyiv - Zaporozhye, June 10 (Navigator, Victoria Litovchenko) - A controlling stake in the Zaporozhye titanium-magnesium plant may be put up for a privatization competition together with the Irshansky Mining and Processing Plant and the Volnogorsk MMC.
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This opinion was expressed by the director of the Cherkassy NIITEKHIM Tatyana Kovenya to the Capital publication.
Let us recall that earlier Prime Minister of Ukraine Arseniy Yatsenyuk reported that the government warned PJSC Crimean Titan, which is controlled by Dmitry Firtash, about the termination of lease agreements for the entire property complexes of the Irshansky State Mining and Processing Plant and the Volnogorsk State Mining and Metallurgical Plant. It is possible that a competition will be announced in the near future.
According to the chairman of the special commission on privatization of the Verkhovna Rada, Pavel Rizanenko, “justice” is thus restored.
“We also plan to propose to the government to consider the possibility and necessity of reviewing the sale of shares of the Zaporozhye Titanium-Magnesium Plant to Firtash’s structures. In our opinion, he acquired part of the enterprise cheaper than the market price,” he clarified.
A similar opinion was expressed by ex-Minister of Industrial Policy Valery Mazur. According to his assumption, ZTMC could be sold for no less than $700 million, while the oligarch received 49% of the company's shares for $110 million in future investments.
Let us remind you that, according to agreements with the State Property Fund of Ukraine, Dmitry Firtash, through his company Tolexis Trading Limited, now owns 49% of ZTMC LLC, State Property Fund - 51%. When creating the LLC, the company pledged to contribute $110 million to it, and the State Property Fund - the ZTMC property complex. With these funds, the businessman promised to expand the production of titanium sponge.
Firtash’s management company, Group DF, claims that to date the investor has fully fulfilled the obligations stipulated in the agreement on the founding of the LLC. In particular, he made a 75% contribution to the authorized capital and additional capital of ZTMC, which totals $82,5 million.
Reprivatization is coming to Zaporizhzhia: Firtash will have to “buy” ZTMC again