Business news from Ukraine

Business news from Ukraine

TGOK will summarize results of 2020-2023 and elect new Supervisory Board

Tovkachivskyi Mining and Processing Plant (TGOK, Pershotravneve, Zhytomyr region) will summarize the company’s performance in 2020-2023, decide on the distribution of profits for this period, terminate the powers of the existing members and elect new ones.
According to the company’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), such issues are on the agenda of the remote general meeting of shareholders scheduled for November 8 this year.
The shareholders intend to amend the company’s charter by restating it in a new version, cancel the existing ones and approve new internal regulations governing the activities of the company’s management and control bodies.
It is also planned to consider the issue of dissolving the company’s reserve capital and transferring the funds from it to the company’s retained earnings, and to cancel the current principles of corporate governance. To hear the reports of the Supervisory Board for 2020-2023, the auditors’ findings and approve measures based on the results of their consideration.
In addition, the shareholders will hear and approve the results of the company’s financial and economic activities for 2020-2023 with the distribution of profits or repayment of losses, decide to terminate the powers of the chairman and members of the SB, elect new ones, and appoint an audit entity to provide statutory financial audit services.
The draft decisions state that in 2020, TGOK received UAH 78 million 175,767 thousand, which is proposed to be left undistributed, and no dividends are to be accrued or paid. In 2021, the company made a profit of UAH 44 million 223,637 thousand, which is also proposed to be left undistributed.
For 2022, the net profit amounted to UAH 14 million 659,029 thousand, which is also proposed to be retained. The company ended 2023 with a net loss of UAH 794,133 thousand.
The meeting was proposed to appoint Audit Firm Account PE as the auditor.
TGOK is a quartzite mining, processing and enrichment company. It is the main supplier of raw materials for the production of ferroalloys, refractories and dinas in Ukraine.
TGOK is developing the Tovkachivska area of the Ovruch quartzite deposit in Pershotravneve village using the open-pit method.
According to the second quarter of 2024, Navaro Development Limited owns 5.1898% of the company’s shares, Lucrino Investments Limited – 9%, Mantara Holdings Limited – 72.0629%, Duxton Holdings Limited (all Cyprus) – 12.1891%.
The authorized capital of the company is UAH 1.6 million, the nominal value of a share is UAH 2.25.

World’s leading chipmakers are considering building large plants in UAE

Leading global chipmakers Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. are considering building large factories in the UAE to meet future demand for artificial intelligence chips, the Wall Street Journal reported.

According to the newspaper, representatives from these companies recently visited the UAE to discuss building state-of-the-art manufacturing facilities in the coming years.

Plans for these projects are in the early stages, facing significant hurdles, and may not be realized, the paper noted. The total cost of the plants could exceed $100 billion. The projects will be financed by the UAE and its sovereign wealth fund Mubadala.

“We are always open to constructive discussions on ways to promote the semiconductor industry, but we remain focused on our current global expansion projects and currently have no new investment plans” to disclose, a TSMC spokesman told the newspaper.

Samsung did not respond to WSJ’s request for comment.

Almost 4.4 thousand new lawyers in Ukraine have been added to Register since beginning of full-scale invasion

Almost 4.4 thousand new attorneys have been added to the Registry of Attorneys since the beginning of the full-scale invasion. The Registry now includes more than 53 thousand active lawyers. However, the number of new lawyers is decreasing every year. 60% of all active lawyers are men.

53,361 attorneys are currently listed in the Register of Attorneys as of the end of August 2024. Since the beginning of the full-scale invasion, the Register has been replenished with 4,370 new lawyers.

In general, the number of new lawyers is decreasing every year. While in 2020, 5,124 new lawyers were registered, this year the number is 1,708.

1,773 lawyers have temporarily suspended their activities, and 8 have stopped practicing since the beginning of the full-scale invasion.

There are more men among lawyers in Ukraine – 60% of the total number. The share of women is 40%.

Most lawyers are registered in Kyiv region – 9,127 or 17% of the total number and in Kyiv – 5,682 or 10.6%. They are followed by Dnipropetrovs’k region – 4,016 lawyers (7.5%), Odesa region – 3,992 (7.5%) and Donetsk region – 3,932 lawyers (7.4%).

The largest number of new attorneys’ licenses since the beginning of the full-scale war has been issued in Zakarpattia (+15.%), Vinnytsia (+14.6%), Odesa (+14.6%), and Rivne (+13.8%) regions.

It is worth noting that the place of issuance of the license and the actual place of work of the lawyer may differ.

As a reminder, the Register of Attorneys is available in Opendatabot, where you can find a specialist for your request. There you can easily find out about the workload and productivity of a lawyer, the categories and list of cases he or she handles.

https://opendatabot.ua/analytics/advocates-2024

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Energy ministry of Ukraine announces competition to select members of Ukrenergo supervisory board

The Ministry of Energy of Ukraine announced a competitive selection of candidates for three positions of independent members of the supervisory board of Ukrenergo and instructed Ukrenergo to engage a professional consultant on personnel selection.
“The government remains fully committed to ensuring the independence, integrity and compliance with the highest professional standards of the new supervisory board. The selection of all members of the board – four independent and three representatives of the state – is to be completed by December 9,” the ministry said on Friday evening.
As reported, EU Ambassador to Ukraine Katarína Mathernová, regional heads of the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), and the business ombudsman in early September called for stopping the dismissal of the company’s head Volodymyr Kudrytsky until the election of the seventh member of the board.
However, Kudrytsky was dismissed, after which the independent members of the Ukrenergo supervisory board, former ENTSO-E Presidents Daniel Dobbeni and Peder Andreasen, called the dismissal politically motivated and decided to leave the supervisory board early.
In addition, the G7 ambassadors emphasized the importance of quickly organizing a selection procedure according to the standards of the Organization for Economic Cooperation and Development (OECD) for “competent and professional independent experts” to the Ukrenergo supervisory board.

 

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Ukraine among top 5 suppliers of organic products to EU

In Ukraine, only 471 thousand hectares are engaged in organic production, they need to increase, because the country keeps the course on deep processing, said the Minister of Agrarian Policy and Food Vitaly Koval at the conference dedicated to the organic market of Ukraine and its prospects.

“Regarding the first: organics is the closest to the settlement of all EU legislative processes. And if we are now among the top five in the supply of organic products to Europe, our task is to become the first. We have the space, the desire and the experience that our people have,” the press service of the Ministry of Agrarian Policy and Food quoted him as saying.

Koval emphasized the importance of exporting finished products, not raw materials. At the same time, they should meet the EU requirements.

 

 

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“Ukrgasvydobuvannya” has increased flow rate at one of wells fivefold

After hydraulic fracturing, Ukrgasvydobuvannya JSC (UGV) has increased the flow rate at one of its wells fivefold to more than 100 thousand cubic meters of gas per day, the company’s press service reports.
According to the company, from November 2023 to August 2024, the well operated with a gradual decrease in flow rate from 29 thousand cubic meters to 18 thousand cubic meters of gas per day.
The decision to workover the well was made after calculating the well’s potential and collecting geological and technical information. The well was fractured within 18 days.
As reported, in January-August 2024, UGV increased commercial gas production by 7.2% compared to the same period last year – up to 9.26 bcm. During this period, UGV completed drilling of 62 wells, of which 52 were put into production. Of these, 23 have an initial daily flow rate of more than 100 thousand cubic meters.
In 2023, the company produced 13.224 bcm of commercial gas, which is 0.679 bcm more than in 2022. “In 2023, Ukrgasvydobuvannya launched 86 new wells, 24 of which had an initial flow rate of more than 100 thousand cubic meters.
Naftogaz of Ukraine owns 100% of Ukrgasvydobuvannya shares.