Business news from Ukraine

ICU TO LAUNCH UAH 500 MLN FUND

The National Securities and Stock Market Commission on September 15 registered the issue of investment certificates of the closed-end unit investment fund ICU Eurobond Fund with a seed capital of UAH 500 million.
The nominal value of one investment certificate is UAH 1,000. The volume of the issue is 500,000 certificates, the National Commission said.
ICU Investment Group, Founded in 2006 by senior investment professionals from ING, is an independent financial group providing brokerage, asset and private equity management services and specializing in the markets of Central and Eastern Europe. ICU currently manages over $500 million in assets. ICU is Ukraine’s leading asset manager.
The owners and partners of the group are Makar Paseniuk and Kostiantyn Stetsenko.

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ICU WILL ALLOCATE 1 MLN $ FOR DEVELOPMENT OF KYIV SCHOOL OF ECONOMICS

ICU Group will allocate $1 million for the development of Kyiv School of Economics (KSE) as part of the continuation of the program to support education in Ukraine, ICU said in a release.
“In 2016, we were one of the first in Ukrainian business who believed in the mission of KSE and the real desire of the management to realize it. The school is intended to become an intellectual basis for a strong and innovative economy of Ukraine, and it is important for us to direct funds to create such a basis. We have been doing this for five years, and we see a clear result of the efforts of the school – the number of students has grown 10 times, and the list of curricula covers almost all trends in the development of modern economic thought,” the founder of ICU and co-chairman of the board of directors of KSE, Makar Paseniuk, said.
President of Kyiv School of Economics Tymofiy Mylovanov noted the systematic cooperation between the KSE and ICU.
“ICU is one of the first strategic partners of Kyiv School of Economics. KSE and ICU are primarily partners who together generated the most daring ideas and implemented them together: setting a new quality bar for themselves and for others. Ukrainian Financial Forum 2018 and 2019, Ukraine Economy Week are our common and favorite projects aimed at improving the quality of economic and business discussions,” he said.
ICU is one of the founders and sponsors of the Center for Journalism at KSE, where Ukrainian media journalists receive necessary knowledge in the field of economics and finance. Now KSE is opening two modern English-language bachelor’s programs: “Economics and Big-Data” and “IT and Business Analysis.” This became possible, among other things, thanks to the partnership and financial support of ICU.
“I am sure that such a significant investment in the development of education in Ukraine will become a bright precedent for domestic businesses – the flagships of the Ukrainian economy,” he added.
ICU Group is an independent financial group, founded in 2006 by specialists from ING, providing brokerage services, asset and private equity management services, as well as venture capital investments. The group specializes in the markets of Central and Eastern Europe.

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ICU IMPROVES FORECAST FOR DECLINE OF UKRAINE’S GDP

ICU Investment Group has improved its forecast for the fall of Ukraine’s gross domestic product (GDP) to 5% from 5.7%, head of the group’s macroeconomic research department Serhiy Nikolaichuk has said.
“In total, the economy will contract by about 5% in 2020 (compared to 5.7% in our September forecast). This will lead to a decrease in GDP below the level of 2018, but compared to most other countries, the Ukrainian economy will demonstrate better dynamics,” he wrote on Facebook.
According to the investment group, GDP growth in Ukraine in the fourth quarter of this year and in the first quarter of the next (to the previous quarters) will be “slow and rather shaky.”
“However, the pace will still be positive,” the expert specified.
He also noted that the impetus from the “opening of the economy” after tough quarantine restrictions, which affected the decline in GDP fall in the previous quarters, has exhausted, so further growth will require other drivers.
“The new outbreak of COVID-19 continues to gain momentum, indicating that the recently introduced weekend quarantine could be replaced with tougher measures across the country,” Nikolaichuk added.
At the same time, he noted that against the background of the return of income to the “pre-epidemic trajectory,” active growth of private consumption continues, and the weakness of private investment is compensated by the ongoing projects of Big Construction.
Nikolaichuk added that ICU expects a significant fiscal impulse for the economy at the end of 2020, despite the fact that it will be lower than provided for in the law on the national budget.

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ICU INVESTS IN UKRAINIAN COMPANY THAT DEVELOPS PRODUCTS IN NAVIGATION TECHNOLOGY

ICU has invested in Augmented Pixels, a Ukrainian company that develops products in the fields of navigation, digital mapping and virtual/augmented reality, the press service of ICU said on Thursday. The amount of the investment is not disclosed.
“Augmented Pixels already has solid market experience and a promising product that solves important practical problems – this is exactly what we are looking for in companies,” Head of ICU Ventures, ICU’s venture wing, Roman Nikitov said.
According to the press release, the Augmented Pixels’ product enables autonomous navigation for robots in GPS-denied environments, as well as having features that allow to create 3D maps for navigating in unknown spaces through a smartphone or virtual/augmented reality devices (indoor navigation).
“During COVID-19 pandemic many companies fired excellent programmers. We decided to move forward more aggressively and develop new products, therefore we attracted additional funding. The whole process took less than a month – I am impressed by the professionalism and proactivity of the ICU team,” CEO of Augmented Pixels Vitaliy Honcharuk said.
According to ICU, each new success story of a Ukrainian company increases the credibility of the Ukrainian venture capital market and makes us more visible on the world map.
“This is one of our goals as a strategic investor in this region,” Nikitov said.
As reported, earlier ICU invested in the following well-known Ukrainian start-ups: Petcube, Apostera, 3DLook, Hideez and Respeecher.

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NCER SETS FEED-IN TARIFF FOR SOLAR POWER PLANTS OF VR CAPITAL AND ICU

The National Commission for Energy, Housing and Utilities Services Regulation (NCER) has set feed-in tariff at 15.03 eurocents per kWh for Energy Den LLC with a capacity of 17.3 MWh (Bashtansky district, Mykolaiv region).
The commission approved this decision during a meeting on August 6.
The tariff is set until January 1, 2030.
The NCER also set feed-in tariff for the first stage of SPP Ternovytsia Solar LLC with a capacity of 13 MWh (Yavorivsky district of Lviv region). Another SPP in that region, Ternovytsia Solar Plus with a capacity of 12.8 MWh, received the aforementioned tariff.
Azymut Zakhid LLC with a capacity of 9.9 MWh and Tatarbunary Solar 2 LLC with a capacity of 9.9 MWh (both in Bilhorod-Dnistrovsky district in Odesa region) received feed-in-tariffs.

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NCER SETS FEED-IN TARIFF FOR SOLAR POWER PLANTS OF VR CAPITAL AND ICU

The National Commission for Energy, Housing and Utilities Services Regulation (NCER) has set feed-in tariff at 15.03 eurocents per kWh for Nick Solar2 LLC with a capacity of 15.4MW and Nick Sunstar with a capacity of 13.3 MW (Bashtansky and Voznesensky districts, Mykolaiv region).
The commission approved this decision during a meeting on July 30.
The tariff is set until January 1, 2030.
NCER also set feed-in tariff for Nick Green LLC with a capacity of 9 MW and Sunstar Pryvilne with a capacity of 7.4 MW (Veselynivsky and Bashtansky districts of Mykolaiv region).
Also, Ukrspecstroy Plus LLC with a capacity of 21.669 MW received the aforementioned tariff (Dniprovsky district of Dnipropetrovsk region).

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