Ukraine to sell sanctioned plant for the first time
6 May 2024 16:11
The State Property Fund of Ukraine will sell a plant that was confiscated under sanctions for the first time. It used to belong to the family of Russian-Greek oligarch Ivan Savvidi. This was announced by the head of the Fund Vitaliy Koval, "Komersant Ukrainian" reports
The company in question is PentoPack, which produces packaging for the meat processing industry. According to Koval, it is a profitable business with strong export potential.
The plant cooperates with well-known Ukrainian brands such as Rud, Globino, and Meat Guild and exports its products to more than 30 countries. The company has retained 193 jobs and has no wage and budget arrears.
“The new owner will have every opportunity for further growth and development. The company plans to modernise its production and enter new markets for packaging materials for the dairy industry, fish processing and animal feed packaging,”
– said the head of the SPFU.
The starting price of PentoPack is UAH 203.7 million. The online auction is scheduled for 31 May.
The proceeds from the sale of PentoPack will be used to rebuild Ukraine. Koval noted that more than UAH 32 million had previously been transferred to the Fund for the Elimination of the Consequences of Armed Aggression for 12 sanctioned assets.
The State Property Fund received 100% of the shares in the PentoPack plant in February following the HACCU’s decision to nationalise Ivan Savvidi’s property. The latter has close ties to the Russian leadership and supports the occupation authorities in the temporarily occupied territories of Ukraine. The High Anti-Corruption Court upheld the claim of the Ministry of Justice.
The PentoPack plant is located in Boryspil. According to the company’s website, the private joint-stock company has been operating in the Ukrainian synthetic packaging market since 1998.
