15 Nov 2018 19:59

Poroshenko sells Kuznya on Rybalsky Plant

KYIV. Nov 15 (Interfax) - Corporate investment funds Prime Assets Capital and VIK, having Ukrainian President Petro Poroshenko and MP Ihor Kononenko as shareholders respectively, on November 15 signed a package of documents on the sale of PSC Kuznya on Rybalsky Plant with the new owner, Avins Limited from TAS Group, the ultimate beneficiary of which is Sergiy Tigipko.

"The cost of the sold shares is a commercial secret. Funds from the buyer will be transferred to legal entities of sellers in separate tranches according to a timetable agreed by the parties," the investment funds said on Thursday.

They noted the transaction required the approval of the Antimonopoly Committee of Ukraine, which recognized its compliance with current legislation and gave permission for its execution.

The press release also said the preparation of the agreements was accompanied by Ernst & Young, one of the largest international auditor groups.

PSC Kuznya on Rybalsky Plant (previously PJSC Leninska Kuznya) is a Ukrainian shipbuilding facility. The ship-building facility was privatized in 1995. As at H1 2018 Kyiv-based Prime Assets Capital where Poroshenko's assets are concentrated was its main shareholder with a stake of 73.9067%. PSC ZNKIF VIK concentrating Kononenko's assets was the second biggest shareholder with a stake of 20.1280%.

Presently the plant has assumed the production of new naval vessels. It is involved in the production of radioelectornic equiupment for the protection of the state border and the construction of small armored artillery boats Gurza-M and Centaur small armored assault craft. In October 2018 Kuznya on Rybalsky Plant presented the project of a new missile patrol boat codenamed Lan.