SCM Group’s investment company umgi (formerly UMG Investments) has invested almost $22 mln in the development of the group’s businesses in 2022-2023.
According to Wednesday’s press release, last year umgi continued to implement its strategy of entering European markets by investing in the growth of its assets.
It is specified that umgi’s portfolio of industrial products has expanded due to the opening of a new powdered wire production plant of Inwire Group in Izmit (Turkey), which is one of the largest producers of components for the metallurgical industry in Ukraine. The construction and launch of the facility took two years. The products of the new production facility are oriented to cover the needs of the local market of Turkey and other Middle East countries and will contribute to strengthening the position of the manufacturer in the global market.
The total investment in the project amounted to $2.4 million from 2022. umgi has also strengthened its upstream portfolio by opening new production facilities of VESCO Group in Spain.
“umgi aims to build a portfolio with a market value of $1 billion by applying our expertise in global markets as well as engaging international partners in Ukraine’s recovery. Our investment team is constantly exploring new business opportunities and developing a network of partners in the Ukrainian, EU, Turkish and Indian markets. We aim to strengthen our portfolio with new industrial and healthcare businesses both in Ukraine and abroad, closing one or two agreements per year,” said Andriy Gorokhov, CEO of umgi.
The press release notes that umgi systematically supports the economy of Ukraine The total amount of taxes paid by businesses under the company’s management for 2023 amounted to more than 321 million UAH. Also, to support the AFU, TROs and communities in places where umgi businesses are present, 6 million UAH was allocated and goods and services for 2 million UAH were provided. Special equipment for the construction of fortifications, personal protective equipment, technical means, fuel and other necessary things are transferred to the defenders, assistance is provided in the construction of fortifications, provision of construction materials, etc.
The total umgi losses from the war for 2023, according to internal estimates, amount to about $20 million. In particular, the Chasovoyarsk refractory plant, which is part of VESCO Group, is in an active combat zone.
“Despite the significant losses suffered by our assets due to Russia’s full-scale invasion, Ukrainian business demonstrates resilience and is quickly adapting to new conditions. We see signs of renewal in the processing, construction and logistics industries. Feednova has fully met its budget despite martial law and border blockades. Moreover, a decision has been made to scale the business in Central Ukraine. Recycling Solutions completed the relocation of its microsphere recycling production to Western Ukraine and became one of the largest importers of granulated slag in the EU. Intech and PortInvest increased cargo volumes compared to 2022,” Gorokhov added.
In 2023, umgi opened an official representative office in Warsaw, Poland. The office is responsible for coordinating the company’s foreign investments and facilitates umgi’s assets in finding opportunities in the EU.
As reported, VESCO group, which combines the clay mining business of the investment company umgi, generated $75.2 million in gross revenue in 2023. In 2024, Vesco group plans to double its sales volume. At the same time, it is actively working on strategic business expansion in Europe, which it started working on back in 2019, as the main markets for VESCO clays are Italy, Spain, Ukraine, Turkey and Poland. In 2023, through VESCO CLAYS SPAIN, the group started extracting clay from the Encarnita deposit quarry in Spain.
In addition, in 2024, mining operations will be launched at VESCO Group enterprises in Ukraine. The planned volume is up to 500 thousand tons, which is more than six times less than in the pre-war period, but it is enough to restore the flexibility of the product portfolio and offer customers ceramic raw materials tailored to their individual needs, taking into account the stocks.
umgi is an investment company with a focus on developing businesses in the raw materials and processing sectors. It was founded in 2006 by SCM Group. Investment focus: mining; by-product and waste management; production of industrial goods and services. The total value of UMG portfolio companies is estimated at more than $500 mln.
Source: Interfax-Ukraine
Today, representatives of the Czech company SEFOR Solutions visited the Mobile Rescue Center of the State Emergency Service of Ukraine to hand over the new pTRACK system.
First, the Czech partners made a presentation of the system, demonstrating its key features and benefits. After the theoretical part, the rescuers were able to see the system in action: the team of emergency workers put on trackers and went on a mock search operation. All those present could watch the tracking system on the screen, evaluating its benefits for the rescue operation.
The pTRACK system offers a number of innovative solutions: tracking the movement of teams, storing the history of the position of objects in a mapping application, prompt decision-making and coordination of search and rescue operations. It provides clear data on search areas and two-way transmission of warning signals between the post and the search team.
Importantly, the system can relay connections between unit leaders and subordinates in difficult terrain conditions, saving all data to a USB flash drive in case of connection loss.
“This system will help us significantly increase the efficiency of our search and rescue operations, as it is designed to operate in any, even the most difficult, working conditions. We are grateful to our Czech friends for their support and such important technical assistance,” said Yuriy Tsykenyuk, First Deputy Head of the MRC of the SES of Ukraine.
Ukraine exported almost 3.8 million tons of sunflower meal in the first nine months of the 2023-2024 maketing year (starts in July), which is 23% more than in the same period last season. As the information and analytical agency APK-Inform reported, this figure was the maximum value for September-May in the last four years.
“The main importer of Ukrainian meal in the current season remains the European Union with a share of 45% (39% in the previous MY). Exports of meal in September-May 2023/24 MY in this direction increased by 41%, while to China decreased by 12%,” – said the analysts.
The experts recalled that the European Union approved a “safeguard duty” on imports of most grains, oilseeds and processed products of Russian and Belarusian origin in the amount of EUR95/ton of imported products to the EU, coming into force on July 1.
“In the oilseeds sector, the markets for meal may be affected the most. The export volumes of these products of Russian origin to the EU have been significant and it will be quite problematic to reorient them to other markets. But, given the geographical proximity to the global world importer – the Asian market, some volumes may be reoriented in this direction, in particular, to China”, – they predict.
They noted that in the new season, competition in the Chinese market is expected to intensify, which may lead to further reduction of Ukrainian sunflower meal in favor of Russian sunflower meal.
At the same time, this situation may have a positive impact on the volume of Ukrainian sunflower meal shipments to the European market. EU countries in the current season increased imports of Ukrainian product by 6%, up to 1.2 million tons (for July-May 2023/24 MY – data of the European Commission), but the volume of imports of Russian product for the same period also increased by one third – up to 775 thousand tons.
The EU “safeguard duty” may also have a good impact on the Ukrainian rapeseed meal market, especially ahead of the start of rapeseed processing. Thus, for this sector, the EU is the key sales market with a share of about 73%, and where the Ukrainian product competes quite seriously with Russian and Belarusian products. In particular, the share of Russian rapeseed meal in the total import of this product by the EU countries is 41% in the current season, Belarusian – almost 32% and only about 21% is Ukrainian meal”, – summarized in ‘APK-Inform’.
Reference UAH/USD exchange rate in the interbank foreign exchange market as of 12:00 on June 12, 2024.
Indicator 11.06.2024 12.06.2024 Change, %
Reference UAH/USD exchange rate (UAH/$) 40.5638 40.4186 -0.36
Data: NBU.
The Pranas Gudinas Center for Restoration of Museum Valuables of the Lithuanian National Museum of Art will help restore 100 paintings by Maria Primachenko, the Ukrainian Ministry of Culture and Information Policy said.
“The center is the main training base for restorers of movable art treasures in Lithuania, particularly paintings and tapestries. Master classes, seminars and lectures related to the preservation and care of museum collections are held here,” the press service of the Ministry of Culture said in a statement following a visit to the Center by acting Minister of Culture and Information Policy Rostislav Karandeev.
The Center’s restorers have already examined and restored more than 50 paintings and 1,000 graphic works from Ukrainian museums, and another 600 works and at least two Ukrainian interns are expected in the near future.
“In addition, in the near future in this center will be restored 100 paintings by Maria Primachenko from the state part of the Museum Fund of Ukraine from the funds of the communal institution ‘Zaporizhzhya Regional Art Museum’ of the Zaporizhzhya Regional Council”, – stated in the message.
As of today, paintings from the Ukrainian Khanenko Museum are being restored, and Lithuanians are also restoring a Ukrainian carpet from Mariupol.
On June 1, 2024, the Tchaikovsky National Music Academy of Ukraine hosted an artistic event dedicated to the 214th anniversary of the Argentine May Revolution and the 78th anniversary of the Day of the Italian Republic, dedicated to the Argentine composer Astor Piazzolla.
This joint project was initiated and supported by the Embassy of the Argentine Republic in Ukraine, the Embassy of Italy and the Italian Cultural Institute in Ukraine in cooperation with the Tchaikovsky National Music Academy of Ukraine.
The artistic event of the friendly states of Italy and Argentina was a great manifestation of solidarity with the Ukrainian people and a significant example of cultural diplomacy.
At the beginning of the concert, the anthems of Italy, Argentina and Ukraine were performed by the Orchestra of Folk Instruments under the direction of Honored Artist of Ukraine Andriy Ivanysh.
Ambassador Extraordinary and Plenipotentiary of the Argentine Republic to Ukraine Ms. Elena Leticia Teresa Mukusinski, Ambassador Extraordinary and Plenipotentiary of the Italian Republic to Ukraine Mr. Pier Francesco Zazzo and Acting Minister of Culture and Information Policy of Ukraine Mr. Rostyslav Karandieiev delivered welcoming speeches.
In her speech, Ambassador Extraordinary and Plenipotentiary of the Argentine Republic to Ukraine, Ms. Elena Leticia Teresa Mukusinski, elaborated on the common history of Argentina and Italy in organizing this cultural event.
Between 1847 and 1957, Argentina received about 3 million Italian immigrants and it is estimated that 60% of the population of
Argentina are of Italian descent. Argentina is the Latin American country with the largest number of Italian immigrants, ranking second in the Americas after the United States.
In addition, Argentina has the largest Italian community on its territory, followed by Germany, Switzerland, Brazil and France. 15% of Italians who have settled abroad live in Argentina.
In fact, General Manuel Belgrano, a national hero who played one of the most important roles in the process of Argentina’s independence when the First National Government was formed in May 1810 and became the creator of the Argentine flag, was the son of an Italian immigrant from the province of Imperia in the Liguria region.
The list of Argentine presidents of Italian descent is no less significant: Bartolomé Mitre, Carlos Pellegrini, Arturo Frondisi, Arturo Illia, Mauricio Macri, and our current president, Javier Milei.
And the number of famous people, artists, scientists, scholars and athletes is countless, including Pope Francis, Juan Manuel Fangio, Clorindo Testa and, among others, our dear Astor Piazzolla,” the diplomat said.
The Ambassador also expressed her deep admiration for the courage and resilience of the Ukrainian nation: “As you know, Argentina has voted against Russia’s large-scale invasion of Ukraine in all UN General Assembly resolutions and international forums. We are participating in two working groups of President Zelenskyy’s “Formula for Peace”.”
For his part, the Ambassador of the Republic of Italy to Ukraine, Pier Francesco Zazzo, noted in his speech that Astor Piazzolla “was not only considered one of the greatest composers of the twentieth century for his unique tango works, which also contains elements of jazz and classical music, but he was also a descendant of an Italian family in Argentina, and his compositions intertwine Italian roots with the Argentine soul, symbolizing the unbreakable friendship between two nations united by a passion for music and culture.”
A musical gift for the guests was a performance by the world-famous Italian bandoneon player Mario Stefano Pietrodarki accompanied by the Academy’s string quintet and orchestra of accordionists under the direction of artistic director and conductor Joseph Franz.
Maestro Pietrodarki captivated the audience with his virtuoso playing and unsurpassed style of performance, performing works by the legendary Argentine musician and composer Astor Piazzolla, as well as by no less legendary Italian composers Ennio Morricone, Nino Rota, and Niccolo Piovani.
Argentina recognized Ukraine on December 5, 1991. On January 6, 1992, Ukraine and Argentina established diplomatic relations. The Argentine Embassy in Ukraine was opened in May 1993.
Italy recognized Ukraine’s independence on December 28, 1991. Diplomatic relations with the Italian Republic were established on January 29, 1992.
