Parent company of Ukraine's Centravis moves from Cyprus to Switzerland

MOSCOW. Jan 17 (Interfax) - Ukraine's Centravis holding has re-registered its parent company in Switzerland.

The Centravis Ltd. company was previously registered in Cyprus, and the change of jurisdiction will help the company to raise its credit rating and attract longer and cheaper means for the development of production in Ukraine, Ukrainian media outlets said citing the company's statement.

Centravis expects that re-registration of its parent company will enhance its financial stability and strengthen its international standing.

"We can also get more beneficial conditions for cooperation with international insurance companies, and it is important in the context of deferral of payments for workpieces and other materials for the production of seamless pipes," the Centravis press service quoted the company's CFO Alexandre Joseph as saying.

Operating in accordance with Swiss legislation, known for its high demands and standards in corporate management, will help Centravis improve its expertise in accountability and the transparency of its activities, the statement said.

Additionally, Centravis is planning to open specialized production of instrumentation tubes for vehicles in the Zakarpatye region in early 2023. The company maintains high production volumes at its major production facilities in Nikopol, in Dnepropetrovsk region.

In January-November 2022, the company produced 10,600 tonnes, which is about 66% of the production rate for 2021. At the same time, Centravis kept its revenue at 90% of its 2021 number.

The Centravis holding was established based on CJSC Nikopol Stainless Steel Tubes Plant, the service and trading companies of Yuvis Industrial and Commercial Enterprise Ltd. Its stockholders are members of the Atanasov family.