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.
A repeat auction for the privatization of 50%+1 share of PJSC Rivne Radio Technical Plant, which has not been operating since 2013 and has been declared bankrupt, will take place on July 14 at half the initial price of UAH 60.78 million.
According to data in the Prozorro.Prozazhi system, the initial auction scheduled for July 4 did not take place due to a lack of bids. The sale price of the controlling stake (22,423,190 shares) was UAH 121.56 million.
The plant is located 4 km from the M-06 Kyiv-Chop international highway. The balance sheet of the company, which manufactured communications equipment, includes seven real estate properties with a total area of 68,795 square meters. The real estate properties owned by the PJSC are located on a land plot with a total area of 11.38 hectares and are owned by the municipality.
“Among the additional advantages of the asset are its connection to all necessary utilities and the absence of any restrictions on its use. This makes the property an ideal platform for relocation or expansion of existing production,” according to the FGI.
The buyer is obliged to pay off wage arrears and debts to the budget (as of the date of transfer of ownership) within six months, as well as to prevent the dismissal of employees.
According to the FGI, as of March 30, 2025, the company’s overdue accounts payable amounted to UAH 55.21 million, including UAH 12.66 million in wages, UAH 1.9 million in taxes, and UAH 1.17 million in insurance. According to the National Securities and Stock Market Commission (NSSMC), as of the first quarter of 2025, apart from the state, the list of shareholders owning more than 5% of the LLC’s charter capital includes Oleg Maryanchik (5.43% of shares).
The Rivne Radio Technical Plant was once one of the largest enterprises in the region.
During a conference call on May 22, the Board of Directors of agricultural holding IMC approved the payment of interim dividends based on the financial statements as of the end of March this year in the total amount of EUR 22.37 million (EUR 0.63 per share).
The agricultural group published information about the relevant decisions on its website.
IMK noted that when determining the dividends, it was taken into account that net profit for the first quarter of 2025 amounted to EUR 16.74 million, undistributed profit at the end of March was EUR 7.08 million, and issue proceeds were EUR 17.84 million.
Dividends will be paid on June 5 to shareholders as of May 29. Following the announcement of dividends, IMK shares rose by approximately 15%, or PLN4, to PLN31.9 per share (about EUR7.5).
IMK is an integrated group of companies operating in the Sumy, Poltava, and Chernihiv regions (northern and central Ukraine) in the crop production, elevators, and warehousing segments. The land bank is 116,000 hectares, storage capacity is 554,000 tons, and the 2024 harvest is expected to be 864,000 tons.
IMK ended 2024 with a net profit of $54.54 million, compared to a net loss of $21.03 million in 2023. Revenue increased by 52% to $211.29 million, gross profit quadrupled to $109.10 million, and normalized EBITDA increased 25-fold to $86.11 million.
