Business news from Ukraine

Business news from Ukraine

Shareholders of Bershadsky Combine re-elect supervisory board and prepare to sell assets worth $10 mln

Shareholders of Bershadsky Combine (Vinnytsia region), part of the Obolon corporation, plan to consider covering the net loss for 2025 in the amount of UAH 12.097 million at the expense of future periods’ profits at the annual general meeting on April 10, 2026.

According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the meeting will be held remotely by means of a survey. Shareholders plan to approve the supervisory board’s report and the results of financial and economic activities for 2025.

The agenda also includes the termination of the powers of Supervisory Board members Myroslav Pikhots’kyi, Yurii Protsenko, and Liudmyla Hresko due to the expiration of their terms of office and the election of a new board.

Shareholders will also consider the issue of preliminary consent to significant transactions in the period up to April 10, 2027. In particular, this concerns the sale of the company’s own assets (real estate and land plots) for a maximum total value of $10 million, as well as the provision of non-repayable financial assistance in the amount of up to $7 million.

PJSC “Bershadsky Combine” was founded on December 30, 1993, in the village of Florine, Haisynsky district, Vinnytsia region. The company specializes in the distillation, rectification, and blending of alcoholic beverages, as well as the production of malt and non-alcoholic beverages.

According to data from Opendatabot, the plant’s revenue in 2025 was virtually non-existent, which corresponds to the figures for 2024. The company’s net loss for the year increased 2.1 times to UAH 12.097 million, compared to UAH 5.765 million the previous year. The company’s debt obligations decreased slightly, reaching UAH 425,000 compared to UAH 427,000 a year earlier. At the same time, the company’s assets decreased 16 times — to UAH 807,000 compared to UAH 12.906 million in 2024. The company’s authorized capital is UAH 1.17 million.

The beneficiary of the company is Oleksandr Slobodyan (president of PJSC Obolon). The main shareholder with a 92.4437% stake is PJSC Obolon.

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Lifecell warns: merger of Kyivstar and Vodafone tower assets will create monopoly

Possible merger of tower companies Ukraine Tower Company (UTC) and Ukrainian Network Solutions (UNS), which are associated with the largest mobile operators Kyivstar and Vodafone Ukraine, will lead to monopolization and structural imbalance in the telecom market, according to their smaller competitor Lifecell LLC (TM lifecell).

“Given the significant impact on the market and millions of consumers, the agreement should be reviewed openly and transparently, with the involvement of all market participants and the expert community,” the operator said in a press release on Monday, as reported by Interfax-Ukraine.

According to lifecell, such a merger could affect the pace of innovation and weaken the focus on subscriber needs.

The operator also stressed that the potential deal could threaten the security of national communications as a whole and limit investment in Ukraine.

“Excessive concentration of critical infrastructure in one hand may be perceived as a signal of increased risk, deterring investment in the telecommunications sector,” lifecell explained its position.

The company stressed that decisions regarding the possible merger of tower stations must be made with consideration for the long-term consequences for competition, the development of the telecom market, and the country’s security.

At the end of January, it was reported that UTC, the tower business of the telecommunications holding company VEON, which owns Ukraine’s largest mobile operator Kyivstar, is trying to get the Antimonopoly Committee of Ukraine (AMCU) to approve a merger with UNS , the tower asset of the country’s second-largest mobile operator, Vodafone Ukraine.

At that time, Forbes Ukraine explained that the merger of the tower companies VEON and Vodafone Ukraine could be linked to a desire to sell them to a third party on more favorable terms, with a price tag of $300 million.

According to Forbes Ukraine’s calculations, UNS’s revenue for the first nine months of 2025 reached UAH 528.8 million, with annual EBITDA of about $15 million and UTC of UAH 2.1 billion and $50-60 million, respectively.

At the same time, lifecell also has a tower asset: according to YouControl, its revenue for the first nine months of 2025 amounted to UAH 461.0 million, with a net profit of UAH 202.2 million.

According to data from the regulator NCEK, the top three leaders in terms of revenue from telecommunications services for the first nine months of 2025 in Ukraine were mobile operators Kyivstar with UAH 32.35 billion, Vodafone Ukraine (UAH 18.88 billion), and lifecell from the DVL group (UAH 11.58 billion).

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Australian company acquires Velta Holding, which owns mining assets in Ukraine

Australian company European Lithium Limited, listed on the Australian Stock Exchange (ASX) under the ticker symbol “EUR,” announced on Tuesday that it had entered into a binding agreement to acquire 100% of the shares of Velta Holding, an American titanium company that owns production and mining assets of the same name in Ukraine.

“Under the terms of the agreement, European Lithium will acquire 100% of Velta’s issued capital for a total consideration of approximately 173 million fully paid shares of European Lithium, subject to completion of due diligence and satisfaction of customary closing conditions,” the exchange announcement said.

According to ASX data, European Lithium shares fell 6.56% to AUD0.28 per share (about $0.19 per share) at the opening of trading on Tuesday. Once these conditions are met, the shares will be issued and transferred to Velta’s existing shareholders.

“The proposed agreement with European Lithium provides an opportunity to advance a number of development initiatives in Ukraine and the United States that the Group has been preparing over the past decade. These initiatives focus on both horizontal and vertical integration, supporting the transition from a raw material-based model to the production of titanium metal and other critical value-added materials,” said Andrey Brodsky, CEO of Velta Holding, in a statement.

According to ASX data, a total of 1 billion 734 million 351,762 thousand shares have been issued to date, and the company’s capitalization is approximately AUD529 million. European Lithium’s revenue in fiscal year 2025 (ended June 2025) increased to AUD1.13 million from AUD0.7 million in FY2024, while net loss decreased to AUD71.49 million from AUD194.93 million.

“The acquisition of Velta is an important step in expanding European Lithium’s access from lithium to critical and strategic minerals. Titanium is a key material used in the aerospace, defense, medical, and industrial sectors, and Velta’s asset base and technical capabilities provide the company with a platform for future growth,” explained Tony Sage, Executive Chairman of European Lithium, explaining the interest in the deal.

It is also noted that European Lithium is interested in developing an integrated production chain—from the extraction and processing of raw materials to the production of titanium metal powders and finished components, particularly for additive manufacturing, which supports higher margins and a more sustainable business model.

The release notes that despite the ongoing war in Ukraine, Velta Holding maintains support for its export markets and operational stability, but any further expansion of production capacity and investment programs will depend on the current security situation and the fulfillment of the terms of the proposed agreement.

Velta is a titanium company operating primarily in the Kirovograd region in central Ukraine. The group’s assets include ilmenite and titanium ore resources, associated processing facilities, proprietary technologies, and logistics aimed at supplying high-quality titanium materials to global markets. According to Velta Holding’s estimates, it occupies approximately 2% of the global titanium raw materials market.

The holding company is developing the Birzulovskoye deposit, where it launched an enrichment plant in 2012, and has a transshipment complex in neighboring Novomyrhorod, designed to handle approximately 300,000 tons of cargo per year. Velta’s assets also include the Likarovskoye deposit and the leased former Novomirgorodskaya brown coal mine with an area of 30 hectares, where processing facilities for the production of metallic zirconium and hafnium, metallic titanium and titanium products, as well as a transshipment complex with a capacity of more than 1.5 million tons per year.

In the fall of 2025, during a visit to the enterprise by representatives of the US International Development Finance Corporation (DFC) and the US-Ukraine Investment Fund, Velta presented various projects within the framework of building a CRM (Critical Raw Materials) cluster with a total investment of approximately $243 million over four years.

The ilmenite resources of the Birzulovsky deposit according to JORC standards amount to 2.06 million tons, while the Likarovsky deposit, for which JORC standards are currently being approved, has approximately 2.5-2.8 million tons. The deposit also contains 41,000 tons of zirconium, 15 million tons of kaolin, and 17 million tons of clay. Potential production is estimated at 280,000 tons of ilmenite, zirconium oxide – 500 tons, metallic zirconium and hafnium – 10 tons each, finished titanium products – about 30 tons, titanium powders – 1,200 tons, kaolin – 700,000 tons, and clay – 800,000 tons.

Velta Holding also includes the Velta RD Titan research and development center and Velta Medical, a manufacturer of custom titanium implants. The ultimate beneficiaries are Andrei Brodsky (60%), Vadim Moskalenko (20%), and Vitaly Malakhov (20%).

European Lithium Limited is an exploration and development stage mining company focused on lithium assets in Austria, Ukraine, and Ireland, as well as various assets in Australia and a rare earth metals project in Greenland. The release notes that European Lithium currently owns 44.982% of the common shares of US-based Critical Metals, which as of January 26, 2026, are valued at approximately $879.06 million.

At the end of last year, European Lithium’s subsidiary applied for a production sharing agreement on the Dobra lithium deposit in Ukraine, but lost.

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Value of S1 VDNG fund assets continued to grow

S1 REIT has published the results of a scheduled revaluation of S1 VDNG fund assets as of the end of 2025. According to the conclusions of an independent appraiser, the market value of real estate in the fund’s portfolio shows stable positive dynamics.

Key valuation indicators:

Value dynamics: the average price per square meter increased from $2,124 (at the time of acquisition) to $2,244 (as of December 31, 2025).
Net capitalization amounted to +5.7% in currency terms for the reporting period.

The growth in the value of S1 REIT’s assets correlates with general market trends. According to LUN, the secondary real estate market in Kyiv showed positive price dynamics in 2025. The average price per square meter increased by 11% in currency terms.
“S1 VDNG is primarily an income fund where investors receive ‘live’ money every month. However, it is important to understand that the total return on our instrument consists of two parts: regular dividends from rental activities and the capitalization of the asset itself. We buy real estate that not only works but also becomes more expensive every year thanks to its successful location and effective management,” comments Viktor Boichuk, commercial director of S1 REIT.

The S1 VDNG fund continues to demonstrate stable payments. Since April 2025, investors have been paid dividends totaling UAH 1,229,818.99. The price of one investment certificate as of January 14, 2026, is UAH 1,100.4, which is 10.04% higher than the price of the certificate as of April 9, 2025.

“We are grateful to investors who believed in the REIT model in Ukraine. Today, we see synergy: according to the results of 2025, the fund received 8.4% per annum in dollars or 11.7% in hryvnia from leasing. And the total annual return, taking into account rental activity and capitalization, is 16.9% in dollars or 20.5% in hryvnia,” adds Viktor Boichuk.

About us:
S1 REIT is a real estate investment fund specializing in income-producing real estate in the Build-to-Rent format. The fund operates under the Real Estate Investment Trust (REIT) model, providing investors with the opportunity to participate in the ownership and income generation of income-producing properties without directly managing the assets.
Currently, S1 REIT has two funds in its portfolio: S1 VDNG and S1 Obolon. The funds’ assets are apartments in income-generating buildings from the developer Standard One.

* Past performance of the fund is not a guarantee of future returns. Before investing, please read the terms and conditions and consult with a financial advisor.

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Saudi Arabia may purchase LUKOIL’s foreign assets

According to Serbian Economist, Saudi company Midad Energy is considered one of the main contenders for the purchase of foreign assets of Russian oil company LUKOIL, which include retail assets in Serbia, Reuters reports, citing sources.

According to the agency, this involves LUKOIL’s international asset portfolio, with an estimated value of around $22 billion, which includes oil and gas fields, oil refineries, and a network of gas stations in approximately 20 countries. The sale is linked to tough US and UK sanctions against the company, imposed in October 2025.

Reuters notes that Midad Energy CEO Abdulelah Al-Aiban is the brother of Saudi Arabia’s national security adviser Musaed Al-Aiban. According to sources, the company is preparing a cash offer with funds placed in an escrow account until the sanctions against LUKOIL are lifted.

In addition to Midad Energy, ExxonMobil, Chevron, private investment fund Carlyle Group, Emirati conglomerate International Holding Company (IHC), Hungarian MOL, trader Gunvor, Xtellus Partners bank (together with a group of investors led by Todd Boehly and the Emirati Allied Investment Partners), Abu Dhabi state-owned company ADNOC, and Austrian entrepreneur Bernd Bergmeier.

Source: https://t.me/relocationrs/1949

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Ukraine has put up for auction assets of Pylypets and Borzhava ski resorts in Carpathians

The National Agency of Ukraine for the Identification, Investigation, and Management of Assets Derived from Corruption and Other Crimes (ARMA) has put up for auction land plots of ski resorts in the Zakarpattia region and the lower station with a chairlift and the upper station of a ski lift with the consent of the owners for a total amount of over UAH 347 million.

According to the announcement on the Prozorro.Prozori platform, one of the lots included 115 land plots with a total area of about 98 hectares in the Khust district (Pylypetska OTG), 93 land plots with a total area of over 98 hectares in the Svalyava (Bereznykivska SR) and Khust (Pylypetska OTG) districts of Zakarpattia region, as well as the lower station with a chairlift and the upper station of a ski lift.

The starting price of the lot is UAH 150.4 million.

The other lot includes 145 land plots belonging to Borzhava Development LLC, 56 land plots belonging to Borzhava Invest LLC, 42 land plots belonging to Borzhava Land LLC, and two land plots belonging to Dumka LLC. The land is located in the Mukachevo and Khutsk districts of Zakarpattia.

The starting price is UAH 176.5 million.

The third lot includes 41 land plots owned by Taurus Invest LLC, also located in the Mukachevo and Khutsk districts of Zakarpattia.

The starting price is UAH 20.9 million.

It is noted that consent to the sale of the seized property was given by the owners of the assets of Borzhava Development LLC, Taurus Property LLC, Taurus Land LLC, Taurus Invest LLC, Dumka LLC, Borzhava Land LLC, and Borzhava Invest LLC.

Auctions based on the English model are scheduled for December 2.

According to Opendatabot, the ultimate beneficiary of these companies is Austrian citizen Gernot Leitner, a representative of the Austrian ski industry and a long-time participant in the preparation of the Summer and Winter Olympic Games.

As reported, the state began searching for investors for the construction of the Borzhava ski resort back in 2013 to implement the project “Olympic Hope 2022: Creation of Sports and Tourism Infrastructure.” However, a number of projects, including Olympic Hope 2022, were not implemented due to embezzlement by officials of the State Agency for Investment and National Projects Management and the State Investment Company, as revealed by detectives from the National Anti-Corruption Bureau of Ukraine.

Later, in 2020, Leytner presented the resort project. Construction was scheduled to begin in 2021.

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