Business news from Ukraine

TAS REACHES AGREEMENT ON ACQUISITION OF SHIPYARD PLANT BELONGING TO PETRO POROSHENKO

The TAS Group of Sergiy Tigipko has reached a preliminary agreement on acquisition of PrJSC Kuznya on Rybalsky Plant (both based in Kyiv), the press service of the group told Interfax-Ukraine on Thursday.
“At the current stage an application to buy shares in PrJSC Kuznya on Rybalsky Plant has been submitted to the Antimonopoly Committee of Ukraine. After receiving a permit from the regulator, the sides plan to continue finalizing the deal,” the press service said in response to the official inquiry by Interfax-Ukraine.
“The cost of the deal and its terms are not disclosed. The TAS Group will announce its plans on the further development of the enterprise after receiving the permit from the Antimonopoly Committee of Ukraine,” the press service said.
According to the response to the inquiry, the preliminary agreement on the deal to buy shares in the shipyard was reached after holding negotiations between the TAS Group and the owner of Kuznya on Rybalsky Plant.
“The TAS Group is actively investing in the Ukrainian economy and considering those investment projects that meet its long-term development strategy,” the press service said.
Kuznya on Rybalsky is a famous shipyard on the Ukrainian market. The key shareholder in the plant privatized in 1995 is the non-diversified corporate investment fund Prime Assets Capital (earlier Petro Poroshenko fund, Kyiv).

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TAS INSURANCE GROUP SEES 38% RISE IN PREMIUMS

The TAS insurance group in January-August 2018 attracted UAH 885.15 million in insurance premiums, which is 38.1% more than a year ago. According to a posting on the company’s website, over one third of premiums (34.94%) were from mandatory insurance of civil liability of vehicle owners (OSAGO) policies – UAH 309.26 million (72.7% up year-over-year). Some UAH 187.7 million was collected under Green Card policies (21.21% of total premiums) and 15.5% more than a year ago.
The share of voluntary car insurance (KASKO) was 16.81%. Some UAH 148.78 million was collected under these policies (66% more). Premiums under voluntary medical insurance policies grew by 22.7% year-over-year, to UAH 60.96 million (6.89% of total premiums). The company attracted UAH 32.75 million in premiums under property insurance policies and UAH 145.7 million under other insurance policies.
In January-August 2018, TAS paid UAH 348.66 million in claims, which is 53.6% more than a year ago.

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TAS INSURER WILL PAY UAH 44 MLN OF DIVIDENDS

TAS Insurance Company (Kyiv) will pay UAH 44.7 million in dividends for 2017.
This decision was made at a shareholders’ meeting on April 30.
Dividends will be paid within six months from the date of making the decision. Payment will be made in three tranches: UAH 15.789 million, UAH 15.789 million, and UAH 13.138 million.
As reported, the retained earnings of TAS for the past year amounted to UAH 47.01 million, of which UAH 2.353 million will be used to replenish reserves, and UAH 44.7 million to pay dividends.
As reported, the company in 2016 paid UAH 16.845 million in dividends, in 2015 some UAH 10 million.
The ultimate beneficiary of TAS Insurance Company is ex-Deputy Prime Minister Sergiy Tigipko, the founder of TAS Group, which includes TAS Insurance Company and TAS Insurance Group.
PrJSC TAS Insurance Company has been operating in the Ukrainian market since 2000. It specializes in life insurance.
The charter capital of the insurer is UAH 93.322 million.

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