Business news from Ukraine

Business news from Ukraine

Kyiv Sudstroyremzavod reduced its loss by 46 times in 2021, intends to renew its management bodies and liquidate subsidiaries

According to the results of work in 2021, PJSC “Kyiv Shipbuilding and Ship Repair Plant” (KSSZ) reduced its net loss by 46 times, to UAH 2.047 million from UAH 94.073 million.
According to the information, by the extraordinary general meeting of shareholders scheduled for September 30 of the current year, the outstanding loss as of December 31, 2021 amounted to UAH 228.5 million.
The meeting will be held remotely. The start date for shareholders voting on the agenda is September 22, the voting end date is until September 30, 2022
Shareholders will consider a number of issues based on the results of work in 2021, in particular, the report of the board on the results of the financial and economic activities of the company for 2019-2021, the report of the supervisory board for this period, the report and conclusions of the audit commission, and the conclusions of the external audit. On all these issues, it is proposed to recognize the performance as satisfactory and it is planned to approve the annual reports for 2019, 2020 and 2021.
In addition, shareholders intend to consider the distribution of profit and loss for 2019, 2020 and 2021.
The draft decision, which the Interfax-Ukraine agency has at its disposal, plans to distribute the company’s profit in the amount of UAH 4.564 million for 2019 to cover losses from previous periods. The losses of the company in the amount of UAH 94.073 million for 2020 and in the amount of UAH 2.047 million for 2021 shall be covered from the profits of subsequent periods.
The meeting also intends to make changes and additions to the charter by presenting it in a new edition.
Shareholders will also consider personnel issues. Thus, the meeting intends to decide on the termination of the powers of the members of the Supervisory Board and the Revolutionary Commission, electing their new compositions. The board is also planned to be dismissed, liquidating the board as a management body and electing a director of the company.
In addition, shareholders will consider the issue of liquidation of subsidiaries: DP “Diesel”, DP “Shipyard” and DP “Shipfur”.
As reported, KSSZ received a net loss of UAH 94.073 million in 2020 against a net profit of UAH 4.564 million in 2019.
In March 2021, the Department of Enforcement of Decisions of the Department of the State Executive Service of the Ministry of Justice of Ukraine opened enforcement proceedings to foreclose on the property of KSSZ, which is a property guarantor for the obligations of the Finance and Credit Bank (Kyiv) to the National Bank (NBU) for a total of 4, UAH 2 billion
The NBU then noted that this plant, like the Finance and Credit Bank (FiK) itself, was associated with businessman Konstantin Zhevago.
KSSZ manufactures ships of various types, complex metal structures, equipment for the mining and processing industry, repair of diesel engines.
The Economic Court of Kyiv, by its decision of August 21, 2017 No. initiated proceedings on the bankruptcy case of PJSC “KSSZ”.
According to NDU data, for the fourth quarter of 2021, Mulready Ventures Limited (UK) owns 24% of the shares of PJSC, DІ.ER.AY. LLC, Harmonika LLC, Ukrtekhvuglets LLC (all three are Ukraine) – according to 9.8%, the American-Ukrainian joint venture with foreign investments in the form of Finance and Credit Leasing LLC – 9%, for individuals Sergey Kovalenko and Anatoly Rekun – 6.0972% each.
The authorized capital of PJSC is UAH 62.5 million.