The Inzhur Investment Group, which includes an asset management company with three investment funds, an investment firm, a securities broker, and a securities custodian, plans to increase its assets under management from the current 9.36 million UAH to 100 billion UAH over the next five years, said the group’s founder and head, Andriy Zhurzhii.
“100 billion is our dream and our plan. That’s for the next five years. In other words, we’ll end this year with more than 10 billion—10 to 11 billion in assets under management. And over the next five years, we’ll reach 100 billion based on today’s figures. In other words, if there are any devaluation processes, then, of course, we’ll get there faster,” he said during the “Forbes Business Breakfast with Fedorin” on Wednesday, adding that there was a day when the group managed to attract 500 million UAH at once.
According to him, the group has attracted 131,560 investors to its funds, with a minimum investment of 11 UAH.
“We’ve set ourselves the goal of reaching 1 million investors in ‘Inzhur’ by the end of 2028. We plan to end this year with 150,000–200,000 investors: we’re already on track for 170,000, and we’ll have to work hard to reach 200,000, but the team is doing its best,” noted Zhurzhii.
In his view, to increase the number of investors to 2–3 million, it is necessary to invest more in the community and in its education and experience; therefore, the group launched an educational program with Prometheus, which attracted 14,000 registrants in just one week.
The head of “Injur” also expressed the opinion that the Ukrainian market is not yet ready for stocks.
“We will still grow through some form of debt instruments—bonds or quasi-debt instruments, when we’re talking about funds. Stocks will be the next stage,” Zhurzhii believes.
asset, FUND, Injur, INVESTMENT, INVESTOR
Taiwan Cement Corporation (TCC Group) intends to acquire 100% of the shares in the Ukrainian cement producer PJSC “Ivano-Frankivskcement” (“IFCEM”), the company’s press office reported.
“The partnership will combine IFTSEM’s leading position in the Ukrainian market, its modern production facilities, long-standing industrial traditions, and strong team with TCC’s global experience, technologies, and investment capabilities. It lays the foundation for the group’s further development and its active participation in Ukraine’s large-scale recovery and the deepening of economic integration with Europe,” according to a statement on the “Ivano-Frankivskcement” website.
The relevant agreement will be concluded between the majority shareholder of PrJSC “Ivano-Frankivskcement,” CemInWest S.A. (Switzerland), together with the owners of the affiliated companies Ivano-Frankivskdakh LLC, Krugips LLC, Krumix LLC, and TCC Group EMEA Holdings B.V. (Netherlands)—a subsidiary of TCC Group Holdings Co., Ltd.
It is noted that the completion of the transaction is subject to obtaining the necessary antitrust approvals and other regulatory clearances in the relevant jurisdictions, as well as the fulfillment of standard closing conditions.
According to Mykola Kruts, Chairman of the Management Board and member of the Supervisory Board of “Ivano-Frankivskcement,” he will remain a member of the company’s board of directors in the coming years.
“Today, the company is entering a new phase of its development. The partnership with a global strategic investor from Taiwan opens up new opportunities for IFCEM in terms of investment, technological development, and further strengthening of its position. In the coming years, I will remain a member of the board of directors to ensure continuity, stability, and the company’s further development,” the company quotes Krut as saying in its statement.
The preliminary value of the deal is approximately 750 million euros, according to “Forbes Ukraine,” citing Focus Taiwan.
PJSC “Ivano-Frankivskcement” manufactures cement, roofing materials, concrete and reinforced concrete products, and dry construction mixes. Its production capacity stands at 4.3 million metric tons of cement per year. Approximately 2,500 people are employed at the group’s facilities.
Before the start of the full-scale war, NEQSOL Holding was close to acquiring “Ivano-Frankivskcement,” but subsequently withdrew from the deal.
According to data from the YouControl analytical system, in 2025, Ivano-Frankivskcement increased its net profit by a factor of 1.4 compared to the previous year, to 4.2 billion UAH, and its net revenue by 20.3%, to 16.2 billion UAH. In the first half of 2026, net profit decreased by a quarter compared to the same period in 2025, to 1.4 billion UAH, while net revenue fell by 4.2%, to 7.1 billion UAH. The company’s total assets amounted to 14.9 billion UAH.
TCC Group Holdings Co., Ltd. is a global industrial group based in Taiwan and one of the world’s largest cement producers. The group operates more than 40 production sites, with a combined cement production capacity exceeding 112 million metric tons per year, and employs 13,800 people. TCC is also developing initiatives in green energy, energy storage systems, and advanced materials. TCC has a significant presence in Europe and Africa, particularly in Portugal, Turkey, Spain, the United Kingdom, the Netherlands, France, and Italy.
AGREEMENT, CEMENT, INVESTMENT, IVANO-FRANKIVSKCEMENT, TCC Group
Indonesia is ready to expand practical cooperation with Ukraine, particularly in trade, investment, critical minerals, science, and the country’s future recovery, said Arif Muhammad Basalamah, Ambassador of the Republic of Indonesia to Ukraine.
“Indonesia is ready to explore practical areas of cooperation that can contribute to recovery and reconstruction, while opening up new opportunities for our bilateral partnership,” he said during a diplomatic reception in Kyiv marking the 81st anniversary of Indonesia’s independence.
The reception took place on September 22 and was attended by representatives of the Ukrainian government, the diplomatic corps, international organizations, the business community, and the Indonesian community. In his speech, the ambassador specifically congratulated Andriy Dronyuk, Ukraine’s Deputy Minister of
Foreign Affairs for Digital Development, Digital Transformation, and Digitalization, and Artem Kunaev, chair of the Ukraine-Indonesia Interparliamentary Friendship Group.
Basalamah noted that, despite the war, political dialogue between the countries remains active, and cooperation continues to expand. At the same time, bilateral trade in 2025 fell to $492.6 million compared to a peak of $1.45 billion in 2021.
“We see opportunities to develop new areas of cooperation and to more fully realize the potential of a mutually beneficial economic partnership,” the ambassador emphasized.
According to him, one such new area could be critical minerals and rare earth elements, where the parties see opportunities for research, technological cooperation, and future business projects. The Indonesian side is also interested in more active interaction between businesses from both countries in trade, investment, and joint production.
The ambassador invited Ukrainian companies to participate in Trade Expo Indonesia 2026, which will take place October 14–18 and is expected to serve as a platform for establishing contacts with Indonesian exporters and potential investment partners.
Basalamah identified tourism as another area for expanding ties. According to him, more than 18,000 Ukrainian citizens had already visited Indonesia by 2026.
“We hope that as transportation links improve and when circumstances permit, more Ukrainians will have the opportunity to discover Indonesia—its natural beauty, cultural heritage, and diverse culinary traditions,” the diplomat said.
The ambassador also highlighted the intensification of educational and scientific ties. He noted that in 2026 alone, the Indonesian Embassy in Kyiv facilitated the signing of four agreements between universities in Ukraine and Indonesia. Ukrainian students can also study in Indonesia through the Darmasiswa and KNB Scholarship programs.
In addition, Indonesia’s National Agency for Research and Innovation and Ukraine’s National Antarctic Scientific Center recently signed an agreement on cooperation in the field of Antarctic and tropical research. The document opens up opportunities for joint research projects and scientific exchange.
Speaking about the war, Basalamah noted that Indonesia continues to advocate for the use of dialogue and diplomacy to achieve lasting peace, as well as adherence to the principles of the UN Charter.
“Peace means that people can live in safety, rebuild their communities, provide education for their children, and look to the future with hope,” he said.
Diplomatic relations between Ukraine and Indonesia were established on June 11, 1992, several months after Indonesia recognized Ukraine’s independence on December 28, 1991.
The Embassy of the Republic of Indonesia in Kyiv began operations in January 1994. Currently, Arif Muhammad Basalamah serves as Indonesia’s Ambassador Extraordinary and Plenipotentiary to Ukraine.
The Embassy of Ukraine in Jakarta was opened in the second half of the 1990s; the official opening of the diplomatic mission took place on May 16, 1997. Currently, the position of Ambassador Extraordinary and Plenipotentiary of Ukraine to Indonesia is vacant. Following the conclusion of Vasyl Hamyanin’s mission, the
Ukrainian Embassy in Jakarta has been headed by Yevheniia Shynkarenko, Chargé d’Affaires ad interim of Ukraine. As of September 2026, she continued to serve as the head of the Ukrainian diplomatic mission in Indonesia.
The Lviv Ventilation Plant (LVP) has completed construction of the second phase of its production facilities and plans to install equipment by the end of 2026 that will allow the plant to double its production volume, according to Dmytro Kysilevsky, deputy chair of the parliamentary committee on economic development.
“The Lviv Ventilation Plant has completed construction of the second phase of its production facilities. The equipment has already been purchased and, according to the plan, will be installed by the end of 2026. The investment in the plant’s second phase totaled approximately $1.5 million,” he wrote on Facebook on Wednesday.
Kisilevsky noted that to implement the project, the plant utilized tools from the “Made in Ukraine” policy, specifically the “5-7-9” affordable loan program, as well as a grant for equipment for the processing industry. In addition, the plant is preparing to participate in the state program that compensates 15% of the cost of Ukrainian-made equipment.
According to the MP, in 2025, production volumes at the Lviv Ventilation Plant increased by 30% and have remained at the same level this year.
“The company has a full production cycle and currently processes about 55 metric tons of sheet metal per month. Investments totaling $2.5 million are planned for the construction of the plant’s third phase,” he added.
Kysilevsky also noted that the plant’s investors previously engaged in importing ventilation equipment but have now shifted their focus to developing production in Ukraine—the launch of the plant’s first phase, with investments of approximately $1 million, took place in 2022, a few months after the full-scale invasion.
The Lviv Ventilation Plant manufactures air ducts, sound absorbers, and components for ventilation systems designed for use in industry, retail, hotels, and business centers.
According to data from YouControl, in 2025 the plant increased its net sales revenue by 20% compared to the previous year—to 50.1 million UAH—while net profit decreased by 34.6%—to 1.6 million UAH. In the first half of this year, net revenue amounted to 19.6 million UAH, and net profit was 0.71 million UAH.
Serhiy Vozgomenchuk, a resident of the Rivne region, owns 100% of the company’s shares and serves as its CEO.
The top three companies in Ukraine by revenue from telecommunications services for the first half of 2026 were, by a wide margin, mobile network operators: Kyivstar PJSC – 24.87 billion UAH, VF Ukraine PJSC (Vodafone-Ukraine brand) – 13.75 billion UAH, and lifecell LLC (lifecell brand) of the DVL Group – 8.88 billion UAH.
According to data from the National Commission for the Regulation of Electronic Communications and Postal Services (NCREC) published on its website, compared to the same period in 2025, revenue growth for Kyivstar was 17.3%, for Vodafone-Ukraine 10.2%, and for lifecell 17.1%.
As previously reported, in 2025, the growth rates for these companies were 20.3%, 13.1%, and 19.1%, respectively.
The top five revenue leaders in the first half of 2026 also included the fixed-line operator PJSC “Ukrtelecom,” which saw its revenue decline by 5.1% compared to the same period in 2025, down to 2.19 billion UAH.
Kyivstar’s “sister” company, LLC “Ukraine Tower Company” (UTC), rounded out the top five in terms of revenue for the first half of this year, increasing its revenue by 21.5% to 1.73 billion UAH.
According to the report, leading the second five in terms of revenue from telecommunications services is the fixed-line operator PJSC “Datagroup” from the DVL Group, which increased its revenue by 35% compared to the same period last year—to 1.21 billion UAH.
Next is the fixed-line operator PrJSC “Farlep-Invest,” controlled by “VF Ukraine,” which increased its revenue by a factor of 1.5 to 0.57 billion UAH and rose from 9th place in 2025 to 7th place this year.
The Radio Broadcasting, Radio Communications, and Television Concern ranks eighth with 0.52 billion UAH, which is 14% more than in the first half of last year, when it ranked 7th.
Ukrainian Network Solutions LLC, the holding company for Vodafone Ukraine, increased its revenue 1.7-fold in the first half of 2026—to 0.49 billion UAH, while “Home-Net” Scientific and Industrial Company LLC ranks 10th, having managed to increase its revenue by 23.8% to 0.44 billion UAH.
According to the regulator’s data, the top three mobile operators also led in terms of capital investments in the telecommunications sector in the first half of 2026: “Kyivstar” reduced its investments by 38% compared to 2025—to 3.24 billion UAH, “Vodafone Ukraine” maintained its level at 3.16 billion UAH, while lifecell increased its investments by 43.9% to 2.62 billion UAH.
“Farlep-Invest” also increased its investments in the first half of 2026 compared to the same period last year—by 20.7%, to 0.61 billion UAH—moving up to 4th place from 5th previously, while YTK fell from 4th to 5th place due to a 23.9% decline in investments—to 0.57 billion UAH.
A 49.8% decrease in investment volumes was also recorded by “Ukrainian Network Solutions”—to 0.20 billion UAH.
“Ukrtelecom” reduced its investments in the first half of 2026 by only 1.5%—to 0.19 billion UAH—while “Datagroup” cut its investments by 22.4%, to 0.09 billion UAH.
In contrast, Home-Net increased this figure 3.9-fold in the first half of 2026—to 0.07 billion UAH—and rose from 17th place last year to 9th this year.
Rounding out the top five in terms of investment volume is Lanet Telecom LLC, which invested 0.04 billion UAH in the telecommunications sector in the first half of 2026, a decrease of approximately 2.5 million UAH compared to the first half of last year.
As previously reported, in the first quarter of 2026, the leaders in terms of revenue were PJSC “Kyivstar” – 12.08 billion UAH, PJSC “Vodafone Ukraine” (TM “Vodafone-Ukraine”) – 6.69 billion UAH, and LLC “lifecell” (TM lifecell) from the DVL Group – 4.18 billion UAH.
The National Securities and Stock Market Commission of Ukraine (NSSMC) sees opportunities for the revival of the municipal bond market in Ukraine, is actively working toward this goal, and supports a bill on preferential taxation of individual income from these instruments, said Commission Chairman Oleksiy Semenyuk.
“I believe this is possible (the revival of the municipal bond market). Moreover, this process is already underway on a fairly large scale,” he said during a discussion on the prospects of the stock market in Ukraine, organized by the Kyiv International Economic Forum last week.
Semenyuk clarified that a meeting is tentatively scheduled for October 2 with representatives of cities with populations of 100,000 or more—which will also include representatives from the Ministry of Finance—to discuss the main issues hindering the progress of this process.
“The main problems there are clear and have been identified… I want to note that I believe in municipal bonds,” emphasized the Commission chairman.
According to him, cities have development budgets, and they currently have significant needs for a rapid transition to energy independence, so bonds are an attractive instrument for them.
Semenyuk believes that municipal bonds could also be of interest to investment funds and local revenue-generating enterprises.
At the same time, Serhiy Fursa, deputy director of securities trading at the investment firm Dragon Capital, expressed doubt that municipal bonds would attract investors under current conditions, when the Ministry of Finance is placing domestic government bonds on the market, the income from which is tax-exempt.
“This would be a good instrument, but, again, we have domestic government bonds and their yields, as well as the need to provide a risk premium. By the way, I don’t quite understand—and this is a question for analysts—how to assess the solvency of cities in Ukraine. At the moment, I don’t really see much demand for this,” the expert noted.
According to him, the main buyers right now are individuals who are focused on returns and tax benefits.
The head of the National Securities and Stock Market Commission (NSSMC) reported that two bills on tax incentives are currently being considered for passage through the Verkhovna Rada. He clarified that the first concerns investment accounts exempt from personal income tax provided the investment term is at least three years, while the second concerns the “5+5” scheme: a 5% personal income tax rate and a 5% military levy instead of the current 18% + 5%. Semenyuk added that discussions regarding the latter bill are ongoing with the Ministry of Finance.
bond, city, INVESTMENT, NSSMC, TAX
