Business news from Ukraine

LEADING PRODUCER OF CEREALS IN UKRAINE DECIDES TO CHANGE PLACE OF REGISTRATION FROM CYPRUS TO POLAND

The Board of Directors of the Cereal Planet Group, a leading producer of cereals in Ukraine, has approved the decision to change the place of registration from Cyprus to Poland, the company has reported on the Warsaw Stock Exchange (WSE) on Friday.
According to the report, shareholders at an extraordinary meeting on August 12 made this decision. Now Cereal Planet is going through the registration process in the relevant authorities of Poland. The plans are to register a holding company of the group called Cereal Planet S.A. in Warsaw.
Cereal Planet produces weight grains for B2B under the OLIMP trademark – four product lines: Bulgur, Ridlan, Mayfayna, Zlatokositsa, and under the Lyuba Ferma trademark – animal feed mixtures. It exports cereals to more than 30 countries.
Cereal Planet, according to the company, occupies up to 10% of the Ukrainian cereal market. The monthly production volume is 4,500-5,000 tonnes.
The owners of the group are Anatoliy and Oleksandr Vlasenko (33.54% and 29.93% respectively), Oleksandr Slavhorodsky (29.93%), and Ihor Dobruskin (5.5%).

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CYPRUS AGAIN LEADER IN FOREIGN DIRECT INVESTMENT TO UKRAINE, FOLLOWED BY THE NETHERLANDS AND RUSSIA

Foreign direct investment (FDI) in Ukraine as equity capital as of July 1, 2019, was $33.724 billion, which was 2.6%, or $0.84 billion more than in the beginning of the year, the State Statistics Service of Ukraine said. According to the data, the inflow of FDI for the sixth months of 2019 totalled $1.256 billion, $728.9 million was written off, other changes of the cost of the corporate capital of nonresidents totaled $309 million with exchange rate differences of $520.8 million.
According to previously published data, first quarterly inflow of FDI in Ukraine grew by $45.5 million.
Cyprus was the leader in FDI surplus in the first half of 2019 with $388.8 million, followed by the Netherlands ($295.1 million), Russia – 145.5 million, and Switzerland ($100.3 million).
Meanwhile, FDI from Hungary decreased $250.6 million.
Nonresidents invested $318.5 million in financial and insurance activities, $184.9 million and $176.4 million in extractive and processing industries respectively, $113.8 million in wholesale and retail trade, $122.6 million in transactions with property, $128.4 million in science and technical activities.
Although there was a $270.4 million drop in FDI in the field of administrative and supportive service for the mentioned period.

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VACANCY RATE OF SHOPPING AND ENTERTAINMENT CENTERS MANAGED IN UKRAINE BY ARRICANO (CYPRUS) IS 0.1%

An average vacancy rate across portfolio of shopping and entertainment centers in Ukraine managed by the Arricano Real Estate Plc (Cyprus) is 0.1% through January-June of 2019, according to the company’s report on London Stock Exchange (LSE). “In the first half of 2019, the average vacancy rate of shopping malls in Kyiv is 5.5%, and in our shopping malls, Kyiv inclusive, this rate is several times less. Going into the second half of the year, Arricano has recorded the lowest vacancy rates since 2012. I believe this is a result of the systematic work, innovative approaches and competent management in recent times,” said Arricano CEO Mykhailo Merkulov.
In particular, for the first half of 2019, Sun Gallery (Kryvyi Rih) and City Mall (Zaporizhzhia) recorded a 100% occupancy, whilst the RayON and Prospekt shopping malls (both located in Kyiv), recorded vacancy rate of 0.08% and 0.17% respectively.
Arricano is one of the leading real estate developers of shopping centres in Ukraine with European investments. It is listed on the AIM Market of the London Stock Exchange since 2013. Today Arricano Group owns and operates five completed shopping centers and 49,9% shareholding in Sky Mall and land for further three sites currently under development.

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NEW PRESIDENT OF UKRAINE DISMISSES AMBASSADORS TO 11 COUNTRIES INCLUDING U.S., CYPRUS, ARGENTINA, VATICAN

President of Ukraine Volodymyr Zelensky, by his decrees, has dismissed Ukrainian ambassadors in 11 countries. Presidential decrees dismiss Valeriy Chaly from the post of Ukrainian ambassador to the U.S., to Antigua and Barbuda and Trinidad and Tobago (part-time), Ambassador of Ukraine to Armenia Petro Lytvyn, and Ambassador to Turkmenistan Valentyn Shevaliov, the official website of the president reported.
Ambassador of Ukraine to the Republic of Cyprus Borys Humeniuk, ambassador to Argentina and part-time to Paraguay, Uruguay and Chile, Yuriy Dudin, were dismissed.
Ambassador to Vietnam and part-time to Cambodia, Oleksiy Shovkoplias, ambassador to Morocco Yaroslav Koval, and ambassador to Jordan Serhiy Pasko, were also dismissed.
Zelensky fired ambassador of Ukraine to Nigeria and part-time to Ghana, Benin and Sierra Leone, Valeriy Aleksandruk, and ambassador to South Africa Taras Kuzmych.
In addition, Ambassador of Ukraine to Vatican and part-time to the Sovereign Military Hospitaller Order of Saint John of Jerusalem, of Rhodes and of Malta, Tetiana Izhevska, was also dismissed.

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STATE-OWNED PRIVATBANK ACCUSES PWC (CYPRUS) AND PWC (UKRAINE)

Public joint-stock company PrivatBank (Kyiv) is accusing PricewaterhouseCoopers Limited (Cyprus) and PricewaterhouseCoopers (Ukraine) LLC of violation of their commitments during the audit of the financial reports of the bank for 2013-2015. PrivatBank filed a claim to the regional court of Nicosia (Cyprus) against these companies, seeking $3 billion of compensation of losses caused by their actions, the press service of the bank told Interfax-Ukraine.

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