The Cabinet of Ministers of Ukraine has decided to sell the state stake in the United Mining and Chemical Company (UMCC), which was sold at a privatization auction this week.
This was reported by the Prime Minister Denys Shmyhal.
The United Mining and Chemical Company is Ukraineʼs largest titanium ore mining and beneficiation company. At the privatization auction, the winner offered about UAH 4 billion for the purchase of the company.
Also, the buyer is obliged to invest at least UAH 400 million in the technical modernization of the enterprise.
What is UMCC?
State strategic enterprise. UMCC began its activities in August 2014, when the government of Ukraine transferred to its management the property complexes of the Vilnohorsk mining and metallurgical plant (the Dnipropetrovsk region) and the Irshan mining and beneficiation plant (the Zhytomyr region).
The company was included in the list of major privatizations and was being prepared for sale to private investors in 2020. Privatization was postponed due to quarantine.
Since 2019, the United Mining and Chemical Company has been under the management of the State Property Fund of Ukraine. In 2020, the State Property Fund announced the raiding of UMCC by ex-managers. Later, it was reported there that the raider attack was repulsed.
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