Privatization in action: Vinnytsia-based household chemicals producer sold for UAH 608 million
13 August 23:15
on August 13, an auction for the privatization of a 100% state-owned stake in VinnytsiaPobutkhim PJSC was held in the Prozorro.Sale system. This was reported by "Komersant Ukrainian" with reference to the Ministry of Economy, Environment and Agriculture of Ukraine.
The auction was organized by the State Property Fund of Ukraine. The company was previously owned by Russian oligarch Vladimir Plesovsky, but was confiscated by a decision of the High Anti-Corruption Court under the Sanctions Act.
The starting price was set at UAH 301.4 million, but the asset more than doubled in value to UAH 608.1 million during the bidding process. The proceeds from the sale will be credited to the state budget and directed to the fund for liquidation of the consequences of the Russian armed aggression against Ukraine.
The winner of the auction for 100% of the shares was Athena Group. It is owned by Ruslan Shostak and Valeriy Kiptyk, co-owners of the Eva chain and Varus supermarkets. They pledged to maintain the company’s core business for six months, pay off debts, and retain the staff.
In September 2023, the Kyiv District Administrative Court overturned ARMA’s decision to select Ruslan Shostak and Valeriy Kiptyk, who are also owners of the Eva and Varus chains, as the manager of VinnytsiaPobutkhim. The court ruling stated that the offer of MDM, the main competitor in the tender, was more economically advantageous.
Vinnytsiapobutkhim specializes in the production of soap, detergents, cleaning and polishing products, has an authorized capital of UAH 26.6 million and as of April 2025 had 16 employees.
Political context and expected effects
Minister of Economy, Environment and Agriculture Oleksiy Sobolev called this privatization an important step in the reform of state property management launched in September 2024. According to him, this policy helps to return assets to the economy, stimulates investment and significantly replenishes the state budget.
The state budget for 2025 provides for UAH 3.2 billion in privatization revenues. Since the beginning of the year, as of April, only UAH 249.96 million has been received from small-scale privatization.
Read also: Auction of the year: “Energostal in Kharkiv went under the hammer for UAH 600 million
The role of privatization in budget revenues
The year 2024 was a record year in the privatization sector: revenues from the privatization of state property reached almost UAH 10.5 billion, which is 2.5 times more than planned. Large-scale privatization brought in UAH 6.5 billion, while small-scale privatization brought in more than UAH 4 billion. The key objects include the Ukraina Hotel, United Mining and Chemical Company, and Aerok.
According to the analytical portal The Page, the total proceeds from small and large-scale privatization in 2022-2024 amounted to UAH 14.8 billion, of which UAH 10 billion fell on 2024.
Economic significance for the market
The sale of a manufacturing enterprise with a working infrastructure – including production and warehouse facilities (over 31,000 m²) and land plots – creates a good potential for its modernization and scaling up under the new owner.
The privatization terms guarantee social responsibility: maintaining the business profile, paying off debts within 6 months, ensuring the labor rights of employees and limiting dismissals, and prohibiting the transfer of assets to sanctioned persons.
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