First sanctioned plant sold in Ukraine
12 June 2024 10:38
Ukraine has sold the first plant that was nationalised under sanctions. This was announced by the head of the State Property Fund of Ukraine Vitaly Koval, "Komersant Ukrainian" reports
“The SPFU has sold a sanctioned plant for the first time. It is a powerful enterprise producing packaging for the meat processing industry – PentoPack. The market has determined the value of this facility and the winning bid for the second auction was just over UAH 103 million,”
– he wrote.
The buyer has 20 days to pay the price of the lot. In addition to the proposed price, the investor has already paid a guarantee fee of UAH 20,374,579.00.
“The PentoPack plant was confiscated from the family of the Russian-Greek oligarch Savvidi. Therefore, the proceeds from its sale will be used to rebuild our country to the Fund for the Elimination of the Consequences of Russian Aggression,
– koval added.
The press service of the State Property Fund clarified that the plant in Boryspil was sold at a second auction. The winning bid amounted to UAH 103,117,000.00 for a state-owned stake of 100% of the authorised capital of PentoPack PrJSC.
Forbes Ukraine reported that the plant in Kyiv region was purchased by Kyiv-based Lonikos LLC. This company was the only bidder at the auction and offered a price 1.2% higher than the initial one. The beneficial owner of Lonikos LLC is Larysa Ashkinazi, a resident of Dnipro, according to YouControl.
What we know about PentoPack
The PentoPack plant is located in Boryspil. The company’s website states that the private joint-stock company has been operating in the Ukrainian synthetic packaging market since 1998.
The company’s products are in demand among large companies: “Rud, Globino, Meat Guild, etc. The products are exported to more than thirty countries. The asset includes 20 units of real estate and infrastructure with a total area of 5247.3 m². The privatisation target also owns 10 vehicles made in 2003-2021.
The State Property Fund received 100% of the shares in the PentoPack plant in February following the HACCU’s decision to nationalise the property of Ivan Savvidi. The latter has close ties to the Russian leadership and supports the occupation authorities in the temporarily occupied territories of Ukraine. In February 2024, the High Anti-Corruption Court upheld the claim of the Ministry of Justice to recover the assets of Ivan Savvidi and his wife Kiriyaki.
