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Centravis re-registers its parent company Centravis Ltd in Switzerland, opens branch in Zakarpattia region
KYIV. Jan 17 (Interfax-Ukraine) – Holding Centravis Ltd., which includes PJSC Centravis Production Ukraine, re-registered its parent company in Switzerland, changing its location from Cyprus.
According to a company press release on Tuesday, Centravis Ltd. was registered in Cyprus, the change of jurisdiction from Cypriot to Swiss will help the company improve its credit rating and raise longer and cheaper funds for the development of production in Ukraine.
At the same time, it is explained that this step was taken to strengthen financial stability and strengthen the company’s position in the global market. Swiss jurisdiction will help attract loans on better terms than before.
"We can also get more favorable terms of cooperation with international insurance companies, and it is important in the context of deferring payments for blanks and other materials for the production of seamless pipes," Centravis CFO Alexandre Joseph said.
In addition, the work of Centravis Ltd. is now governed by Swiss law, known for its high requirements and standards in corporate governance. It will help Centravis improve its expertise in reporting and transparency of the company’s activities.
"Despite the difficult times in Ukraine, we do not stop for a second and invest our strength and resources in the development of the company. Together with the country, we want to get out of this difficult test stronger and better," Joseph said.
According to the press release, at the beginning of 2023, Centravis plans to open a specialized production of tool pipes for cars in Zakarpattia region. And, despite the daily shelling of Nikopol, the company maintains a high volume of production at its main production facilities in this city.
The company’s production volume in January-November 2022 amounted to 10,600 tonnes, or almost 66% of the level of the previous pre-war year. At the same time, in monetary terms, the company retained its revenue at the level of 90%.
Centravis is one of the ten largest manufacturers of seamless stainless steel pipes in the world.
