Business news from Ukraine


The shareholders of Ukrainian Insurance Group (Kyiv) at a meeting on March 20, 2019 decided to increase the charter capital of the company by UAH 95 million, or 83%, to UAH 209.259 million, the insurer has said.
According to the report, charter capital will be increased by placing 950,000 shares with a nominal value of UAH 100 per share. The market value of the share is UAH 97.55.
As reported, in January-September 2018 the insurance company collected insurance premiums in the amount of UAH 672.9 million, which is 13.5% more than in the same period a year earlier (UAH 477.8 million).
Of this amount, UAH 609.9 million amounted to premiums for voluntary types of insurance, UAH 63.1 million for mandatory types of insurance.
As of September 30, 2018, the company’s charter capital amounted to UAH 114.3 million, assets some UAH 959.7 million. Insurance reserves are formed in the amount of UAH 581.9 million.
In the first nine months of 2018, Ukrainian Insurance Group settled more than 89,000 insurance claims, paid out UAH 355.5 million in insurance claim fees.
Ukrainian Insurance Group has been operating in the Ukrainian insurance market since 2000. It is part of Vienna Insurance Group, one of the largest insurance groups, the leader of the insurance market in Central and Eastern Europe.



The Cabinet of Ministers of Ukraine on Tuesday amended the regulations of the State Fund of Ukraine for the Promotion of Youth Housing Construction, in particular, boosting its charter capital by UAH 30 million, to UAH 331.3 million, and authorizing the Regional Development, Construction, Housing and Utilities Economy Ministry to manage the fund.
According to a draft resolution, the increase of the fund’s charter capital by UAH 30 million would allow 40 families to buy apartments.
The change of the fund’s regulations, in particular, authorizing the regional development ministry to manage it, is required to bring the regulations in line with the government’s decision made in 2011, according to an explanatory note to the document.
As reported, the Cabinet of Ministers had previously made changes to the procedure for providing government support and providing affordable housing, in particular, allowed applicants to independently choose housing within the established prices and area (depending on the number of family members).

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Bank Credit Dnepr (Kyiv) is boosting its charter capital by UAH 1.173 billion or 43.1%, to UAH 3.893 billion via an additional issue of shares.
The bank reported in the information disclosure system of the National Commission for Securities and the Stock Market, the decision was made by the only shareholder in the bank on November 5.
The bank will privately place the additionally issued shares with a face value of UAH 1. The sole shareholder will buy the shares.
According to a press release from the Bank Credit Dnepr, referring to Board Chairperson Olena Malynska, this capitalization program is an integral part of the restructuring plan developed according to the results of the bank’s stress testing by the regulator and in accordance with its recommendations.
“The shareholder capitalizes the bank for the fourth time in three years, thus confirming confidence in the success of the post-crisis business strategy of the financial institution. Our further systematic work to improve the financial performance and asset quality, increase efficiency and the volume of new business, along with systemic support from the shareholder guarantee the implementation of the restructuring plan in a timely manner and provide an opportunity to start a sustainable profitable activity,” Malynska said.
Bank Credit Dnepr was founded in 1993. Its sole shareholder is Brancroft Enterprises Limited, which indirectly belongs to Victor Pinchuk.
The bank ranked 21st among 83 operating banks in the country as of July 1, 2018 in terms of total assets (UAH 9.08 billion), according to the NBU.

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The Kyiv City Council at a plenary session on Thursday has amended the city’s budget for 2018, expanding the charter capital of municipal enterprise Kyivteploenergo by UAH 196 million.
The press service of the Kyiv City Council reported that the revenue target of the general fund of Kyiv’s budget was met by 108.4% in January-September 2018, which gave grounds for reviewing the revenues and expenditure of the document.
It was decided to assign UAH 196 million to expand the charter capital of Kyivteploenergo and UAH 100 million for education (payment of wages to teachers).



Alpari Bank (Kyiv) has increased its charter capital by UAH 32 million or 16%, to UAH 232 million via an additional issue of shares, the bank has reported in the information disclosure system of the National Commission for Securities and the Stock Market.
The NBU registered Alpari Bank on October 26, 2012.
According to the central bank, as of January 1, 2018, the sole shareholder in the bank was Bakhtari Hedayat-Allah Musa.
According to the regulator, the bank ranked 81st among 84 operating banks as of June 1, 2018, in terms of total assets worth UAH 264.018 million.



PrJSC Kyivkhlib, the largest bread producer in Kyiv, is increasing its charter capital by UAH 3.9 million or 9.8%, to UAH 43.5 million via an additional issue of shares.
According to a company report in the information disclosure system of the National Commission for Securities and the Stock Market, the decision to increase the charter capital was made by the company’s shareholders at a general meeting on October 5.
The company said that the shares will be placed privately. The holders of ordinary nominal shares have priority in buying the shares being placed proportionally to their stakes in the company. The shares will be placed at UAH 0.05 per share, which equals to its face value.
The company in 2017 saw UAH 15.27 million of net profit, which is 21.6% less than a year ago.
PJSC Kyivkhlib was established in 1996 through the reorganization of state enterprise Kyivkhlibprom. It is the largest producer of bread and bakery goods in Kyiv. The company includes nine production sites in the capital and Kyiv region.