Olena Stepanenko, a member of the supervisory board of Kremenchug Road Machinery Plant JSC (Kredmash, Poltava region), increased her stake in the company from 4% to 20%, in particular, through the direct sale of 15.97% of the shares belonging to the chairman of the supervisory board, Kredmash president Mykola Danileiko, who died in April 2025.
According to information provided by the company in the disclosure system of the National Securities and Stock Market Commission (NSSMC), Boris Muntean, who owned 5.07% of Kredmash JSC shares, also left the group of shareholders. Until 2002, Muntean held the position of director of Kredmash, where he was replaced by Danileiko.
Olena Mykolaivna Stepanenko is likely the daughter of Mykola Danileiko (in an interview with the local press, he said that he has a daughter named Olena – IF-U).
As of the first quarter of this year, according to the National Securities and Stock Market Commission, the shareholders of Kredmash JSC who own more than 5% of the authorized capital also include the head of the company, Oleksandr Tverezyi (10.21%), and KDM Invest LLC (9.81%), whose ultimate beneficiaries, according to opendatabot, are Oleksandr Tverezyi and Olena Stepanenko (49.95% each).
The shareholders of Kredmash JSC also include Euroavtomatizatsiya LLC (9.6%), whose ultimate beneficiary is listed as Oleg Oksak.
Kredmash specializes in the development and manufacture of asphalt and soil mixing plants, spare parts for construction and road equipment, tank trucks, bitumen tankers, cast iron and steel castings.
In 2024, the plant reduced its net sales revenue by 23% compared to 2023, to UAH 143.65 million, while its losses decreased by almost 23%, to UAH 13.08 million.
As reported, in pre-war 2021, the plant sold products worth UAH 1.2 billion. In June 2022, as a result of hostile missile strikes on Kremenchuk, the plant’s industrial facilities were partially destroyed.
The National Agency for Asset Tracing and Management (ARMA) is holding consultations on obtaining management projects for the seized 49.5% stake in Poltava Mining and Processing Plant (PGZK) of the mining company Ferrexpo plc, whose main assets are located in Ukraine.
According to ARMA, preliminary market consultations have been announced through the receipt of management program proposals or commercial offers and/or other documents, in accordance with paragraph 2 of Section II of the Methodological Recommendations on the sequence of actions of ARMA employees in the preparation and conduct of competitive selection of asset managers, approved by ARMA Order No. 223 of September 29, 2023 No. 223 (as amended by Order No. 54 of February 14, 2025), within the framework of the competitive selection of asset managers.
It is specified that the seized asset is 49.5% of the authorized capital of Poltava Mining and Processing Plant PJSC in the form of 153.450 million ordinary registered shares. The basis for the transfer of the asset to ARMA is the ruling of the investigating judge of the Pechersky District Court of Kyiv dated February 28, 2025, in case No. 757/9095/25-k.
Potential managers may be: a legal entity or an individual entrepreneur registered in accordance with the procedure established by law as business entities (Article 1033 of the Civil Code of Ukraine).
Information on the expected results of asset management may be submitted in any form by 3:00 p.m. on October 24, 2025.
As reported, the Pechersky District Court of Kyiv granted the request of the Prosecutor General’s Office of Ukraine to transfer 49.5% of the shares of one of the main assets of the companies, Poltava Mining and Processing Plant, to ARMA.
The DBR statement noted that the transfer of corporate rights of PGZ is related to ongoing court cases in Ukraine regarding the alleged embezzlement of funds from the Finance and Credit Bank, which previously belonged to Kostyantyn Zhevago and was declared insolvent in 2015.
In turn, Ferrexpo plc considers the transfer of 49.5% of Poltava Mining’s corporate rights to ARMA a violation of international treaties, in particular, international investment agreements between Ukraine and the United Kingdom and Ukraine and Switzerland. The company said it would initiate international arbitration against Ukraine.
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares of Poltava Mining, 100% of Yeristovsky Mining, and 99.9% of Bilanovsky Mining.
The Asset Recovery and Management Agency (ARMA) has opened a call for proposals for the management of 25% of the authorized capital of PJSC Kryukiv Railway Car Building Works (KVBZ, Kremenchuk, Poltava region), according to the ARMA website.
The agency notes that this stake belongs to Austria’s Capital Management GmbH (controlled by Russian citizen IF-U) and is valued at more than UAH 21.5 million.
The asset was transferred to ARMA for management by decision of the Holosiivskyi District Court of Kyiv in July 2022.
“ARMA invites potential managers to participate in preliminary market consultations and submit their proposals,” the statement said.
As reported, ARMA has repeatedly tried to find a manager for this block of shares in PJSC KVBZ – according to information in Prozorro, the last tender announced in April 2025 did not take place due to the absence of proposals.
According to the National Securities and Stock Market Commission (NSSMC) for the first quarter of 2025, 25% of PJSC KVBZ shares are owned by Estonian companies AS Skinest Finants and Osauhing Delantina, and 20% are owned by Transbuilding Services Limited, registered in England.
KVBZ names the chairman of the supervisory board and president Volodymyr Prykhodko as the main owner.
The plant manufactures passenger and freight cars, regional diesel trains, high-speed interregional locomotive-hauled trains, spare parts, and bogies for freight cars.
In 2024, the plant sold 1,096 freight cars, which is almost 10% more than sales in pre-war 2021. The first 15 passenger cars from contracts for 66 units were also delivered to Ukrzaliznytsia.
Net profit amounted to UAH 81.08 million, compared to a loss of UAH 143.76 million in 2023, with net income growing by 81% to UAH 3.77 billion.
As of the beginning of 2025, the plant employed 3,611 people (compared to 3,946 a year earlier).
On September 15, Viktor Ivanchik, CEO of the Astarta agricultural holding, purchased 244,679 thousand shares, or 0.9787% of their total number, over the counter through Albacon Ventures Limited at a price of PLN55.5 per share, which is significantly higher than the price quoted on the Warsaw Stock Exchange (WSE).
The corresponding announcement on the stock exchange on the evening of Thursday, September 18, led to a 6.58% increase in the share price on Friday, to PLN47.00.
The last time Ivanchik bought shares in significantly smaller volumes on the exchange was at the end of June, but then the deals were concluded at a price ranging from PLN57.6 to PLN60.0 per share. However, after that, the shares of Astarta and other Ukrainian companies fell in price due to another loss of optimism about the possibility of a ceasefire. However, in early March, the CEO of the agricultural holding bought shares at PLN48.9, at the end of December at PLN39.6, and at the end of October at PLN30.9 per share.
According to the latest stock exchange report, Ivanchik’s total expenditure on the purchase of a stake of almost 1% can be estimated at PLN13.58 million, or about $3.7 million.
It is noted that after this transaction, the CEO of Astarta owns 10,678,610 shares of the agricultural holding, or 42.7144% of their total number.
According to the latest report, as of mid-year, Ivanchik’s family owned a total of 42.23% of shares, compared to 41.48% at the beginning of this year and 41.17% in the middle of last year. Fairfax Financial Holdings has also been a major shareholder all this time, with 29.91%, while another 2.1184% of shares are owned by the company itself and were previously repurchased as part of a buyback. As of May this year, minority shareholders also included Kopernik Global Investors with 2.64% and Heptagon Capital with 1.8%.
Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine and is the largest sugar producer in Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares, dairy farms with 22,000 head of cattle, an oil extraction plant in Hlobyn (Poltava region), seven elevators, and a biogas complex.
In the first half of 2025, Astarta reduced its net profit by 10.3% to EUR47.11 million, and its consolidated revenue decreased by 29.3% to EUR320.71 million.
On June 12 this year, the shareholders’ meeting approved the payment of dividends for 2024 in the amount of EUR0.5 per share for a total of EUR12.5 million, which is in line with the figures for the previous two years.
Afina Group LLC, whose beneficiaries are Ruslan Shostak and Valery Kiptik, co-owners of the EVA and Varus chains, paid UAH 608.1 million for 100% of the shares of the privatized Vinnytsia Pobythkhim PJSC, according to the press service of the State Property Fund of Ukraine (SPFU).
“Once again, we are seeing a positive outcome of large-scale privatization: a nationalized asset that previously belonged to a Russian business subject to sanctions has returned to the Ukrainian economy. This is a double victory for the state: we are eliminating the influence of the aggressor country and at the same time receiving more than UAH 600 million, which has already been transferred to the budget and will be used for the country’s recovery. Privatization shows that even in the difficult conditions of war, we can attract investment, preserve jobs, and create new opportunities for business and economic development in general,” emphasized Ivanna Smachylo, acting head of the SPFU.
The funds have already been transferred to the budget and will be directed to the Fund for the Elimination of the Consequences of Armed Aggression for the restoration of the country.
As reported, in August, AFINA Group won an online auction for the privatization of the nationalized Vinnytsia Chemical Plant, offering UAH 608.136 million against the initial price of UAH 301.406 million.
Earlier it was reported that on July 31, 2024, the High Anti-Corruption Court (HACC) upheld the Ministry of Justice’s claim to apply sanctions to the Russian JSC Nevskaya Kosmetika in the form of confiscating 100% of the shares of the Ukrainian PJSC Vinnytsia Pobyutkhim to the state.
In July 2022, the seized assets of Vinnytsia Pobyutkhim were transferred to the National Agency for the Detection, Investigation, and Management of Assets Derived from Corruption and Other Crimes (ARMA).
As a result of a competitive selection process held in July 2023, the right to resume operations and become the asset manager was granted to Kraytex-Service LLC, part of the Afina Group. Kraytex-Service later announced that it would invest UAH 400 million in launching production at Vinnytsia Pobyutkhim.
ARMA ceased management of the asset in April 2025 and transferred it to the State Property Fund of Ukraine for further sale. According to the National Agency, during the period of management of the seized asset, almost UAH 100 million was transferred to the state budget.
While managing the plant, Afina Group launched production of its own brands, Vuhastyk and Sarmix, at its facilities. As previously commented to Interfax-Ukraine, the company plans to continue production of these brands after completing all the stages of ownership registration required by law: settlement of accounts and signing of a purchase and sale agreement with the State Property Fund, passing a comprehensive check on the participant’s compliance with the requirements of the law, confirmation of the absence of prohibitions and sanctions, as well as the official transfer of the object to the new owner.
According to data from YouControl, in the first half of 2025, Afina Group LLC increased its revenue by 10.8% to UAH 1 billion 517.25 million, with a net loss of UAH 156.09 million compared to a net profit of UAH 44.01 million in the first half of 2024.
Ukraine’s State Property Fund (SPF) has once again put up for sale at an online auction a state-owned stake in Titan Institute (Zaporizhia) amounting to 100% of its charter capital.
According to information from the SPFU on Tuesday, the auction will take place on the Prozorro.Prozori electronic trading system on August 12, 2025. Applications for participation will be accepted until 8:00 p.m. on August 11.
The starting price of the privatization object is UAH 99.77 million (excluding VAT).
The company has 56 real estate properties on its balance sheet, including the institute building, an administrative building, production and storage facilities, garages, and the like. The total area of all buildings and structures is 26,482.96 square meters. The area of the five land plots is 2.8973 hectares.
According to the terms of the tender, the buyer is obliged to ensure the repayment of wage arrears and debts to the budget within 12 months and not to dismiss employees within 6 months.
The authorized capital of the joint-stock company is UAH 75.311 million.
Last year, the State Property Fund of Ukraine already tried to sell 100% of the shares of the Titan Institute joint-stock company at the same price, then for UAH 48.8255 million (excluding VAT), but the auctions did not take place.
The main activity of the Titanium Institute is research and experimental development in other natural and technical sciences. The average number of employees as of March 31, 2025, is 80 people.
The Titanium Research and Design Institute (NIP “Titanium Institute”) was established in 1956 to provide research and design work for non-ferrous metallurgy enterprises in Ukraine. In 1966, it became the specialized leading institute for titanium production in the Soviet Union. In 1971, it was merged with the Dnipro Titanium-Magnesium Plant to form the Zaporizhzhya Titanium-Magnesium Combine (ZTMK), and in 1976, it once again became a separate all-Union research and design institute responsible for the production of titanium and magnesium.
According to the Titanium Institute, it is currently the only comprehensive research and design organization in Europe in the field of titanium and magnesium production and primary non-ferrous metallurgy.
