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SPF cancels tender to sell UMMC as only one bidder allowed to participate
KYIV. Aug 27 (Interfax-Ukraine) – The State Property Fund (SPF) has canceled the privatization auction of the United Mining and Chemical Company (UMMC), which was scheduled to take place on August 31, due to the admission of only one participant to the auction, the press service of the fund has told Interfax-Ukraine.
According to the press service, the SPF received three applications for participation in the auction for the privatization of UMMC. Two potential participants submitted an incomplete package of documents.
At the same time, the Fund expects to hold a new privatization auction in 2021, and also expects a larger number of participants in it.
As reported, the government added UMMC to the list of companies subject to privatization in August 2016. However, the terms of privatization were postponed several times, most recently due to the coronavirus crisis and quarantine.
UMMC sells its products to more than 30 countries and is one of the world’s largest producers of titanium raw materials, occupying 4% of the world market. The main sales markets are the EU, China, Turkey, as well as the United States and African countries. The company extracts ore for the production of 20,000 tonnes of titanium per year.
Among the financial conditions for the privatization tender is to invest at least UAH 400 million in the modernization of the enterprise. Among other conditions is not to lay off workers for six months and provide social guarantees to workers, provide water to the enterprises that consume utility services.
The starting price of the company was set at UAH 3.7 billion, the auction step was to be UAH 50 million.
