Business news from Ukraine

Business news from Ukraine

ELECTRICITY EXPORTS FROM UKRAINE ESTIMATED AT $213 MLN, LEADING CUSTOMER – HUNGARY

Ukraine in January-August 2018 exported electricity worth $213.38 million, including $27.254 million in August alone. Hungary bought electricity worth $127.415 million, Poland $49.233 million, Moldova $31.397 million, other countries $5.335 million, Ukraine’s State Fiscal Service has said. Exports of Ukrainian electricity in monetary terms in January-August 2018 increased by 21.1% compared to the same period in 2017 ($176.241 million).
Over the period under review, Ukraine imported electricity worth $1.056 million, in particular, electricity imports from the Russian Federation were estimated at $1.005 million, from Belarus at $0.046 million, from Moldova at $0.006 million.
As reported, Ukraine plans in 2018 to increase exports of electricity to the EU and Moldova by 13.3% from 2017 to 5.855 billion kWh. According to the forecast for 2018, deliveries from the Burshtyn TPP energy island to Hungary, Slovakia, Romania will be 3.6 billion kWh, to Poland 1.2 billion kWh, and to Moldova 1.055 billion kWh.

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TURKISH AIRLINES INCREASES FREQUENCY OF ODESA-ISTANBUL FLIGHTS TO 21 TIMES A WEEK

Turkish Airlines from September 25, 2018 will increase the frequency of Odesa-Istanbul flights by three, to 21 times a week.
According to the airline’s press release, flights will be operated according to the following schedule: daily departure from Istanbul at 07:55 and 19:10, from Odesa at 10:25 and 21:35; on Mondays, Wednesdays, Fridays and Saturdays with departure from Istanbul at 00:50 and from Odesa at 3:20; and also on Tuesdays, Thursdays and Sundays with departure from Istanbul at 13:10 and from Odesa at 15:40 local time.
As reported, Turkish Airlines in 2017 served more than 600,000 passengers on its own flights to/from Ukraine, which is 18% more than in 2016.
The flight schedule of Turkish Airlines in Ukraine covers Kyiv, Odesa, Lviv, Zaporizhia, Kherson and Kharkiv.
Turkish Airlines (Türk Hava Yolları, THY) was established in 1933 with a fleet of five aircraft. For today has an air fleet of 329 passenger and cargo aircraft.

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UKRAINE HAS EXCLUSIVELY DEVELOPED MEDICINES REGISTERED IN EUROPE, U.S.

Ukraine has exclusively developed medicines, which will be registered by regulatory agencies of Europe and the United States, Director General of YURiA-PHARM pharmaceutical company Dmytro Derkach.
Commenting on the study of the data about the market of drugs with insufficient evidence base initiated by Anti Corruption Action Centre (AntAC) with the support of the International Renaissance Foundation last week, he told Interfax-Ukraine that “according to the logic of the authors of this study, only drugs originating from the countries with regulatory authorities FDA (the United States) or EMA (the European Union) have the “proven effectiveness,” that is, Ukraine has no right to own inventions and developments.”
“The authors reject the idea that Ukraine has its own scientific and industrial potential, which is also capable of giving the world original and effective medicines or methods of treatment, and with the assistance of the state, capable of registering its products with the FDA and EMA regulatory authorities. It takes time and resources. Ukraine chose the path of European integration only a few years ago,” he said.
Derkach said that YURiA-PHARM is currently “on the way to register their products in the FDA and EMA.” Reosorbilact preparation is the process of registration, which is mentioned in the research materials as a drug that is among the top ten in terms of pharmacy sales, but at the same time, according to the authors of the study, not having clinically proven effectiveness.
According to Derkach, Reosorbilact is the development of domestic scientists of the Lviv Research Institute of Blood Pathology and Transfusion Medicine of the National Academy of Medical Sciences of Ukraine. As an original drug, it was registered early 2000s, having passed all the phases of clinical trials in accordance with the current legislation and legal acts of Ukraine. It has become the basis of numerous scientific research and defending candidate and doctoral dissertations during the past years. Currently, it is registered in Uzbekistan, Tajikistan, Azerbaijan, Kazakhstan, Moldova and Kyrgyzstan, in most countries of the former CIS.
According to Derkach, “in fact, the authors of this study question the professional competence of the domestic scientific medical and pharmaceutical community.”
YURiA-PHARM Corporation is a manufacturer of infusion solutions, medicines and medical products. It is among top ten leaders in pharmacy sales.
YURiA-PHARM is a member of the Association Manufacturers of Medications of Ukraine (AMMU).

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ASTARTA BUYS BACK 1,710 SHARES FROM AUG 27 THROUGH AUG 31

Astarta Holding N.V. (the Netherlands), the holding company of Astarta holding, in the period from August 27 through August 31, 2018 bought back 1,710 own shares. The average price was PLN 32.99 per share, according to a posting on the Warsaw Stock Exchange (WSE).
According to the WSE, the Astarta’s shares on September 3, 2018 fell by 1.82%, to PLN 32.40 per share ($1 equals PLN 3.6991 using the exchange rate of the National Bank of Poland as of September 3). As reported, the Board of Directors of Astarta Holding N.V. appointed Poland’s brokerage house, Pekao Investment Banking S.A. a buyback agent to carry out the buyback of the company’s shares under the approved program. The buyback program was launched for the purpose of meeting obligations arising the debt financial instruments exchangeable for or convertible into equity instruments and employee share option programs.
On May 25, 2018, the shareholders in Astarta approved the decision to extend the buyback program for another 18 months (from the date of the holding of the general meeting of shareholders). The company could buy back up to 2.5 million shares (up to 10% of outstanding securities) at the price of no more than PLN 125 per share.
Astarta is a vertically integrated agro-industrial holding operating in Poltava, Vinnytsia, Khmelnytsky, Ternopil, Zhytomyr, Chernihiv, Cherkasy and Kharkiv regions.

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