Titanium dioxide producer from Group DF PJSC Ukrainian Chemical Products has sold all its assets in the temporarily occupied territory of Crimea to Russian Titanium (Russia).

Transmitted  by the National Industrial Portal  with reference to the  GMK center .

“Due to political circumstances, this asset has lost its economic attractiveness. Having no control over this asset since 2016, the group was looking for an opportunity to sell it, “the release said.

The terms of the agreement stipulate that all movable and immovable property of the former Crimean Titan plant becomes the property of the buyer.

The agreement is closed, the relevant changes have been made to the registers of the state registration authorities of Ukraine, the Group said in a statement without specifying the amount of the agreement.

Prehistory

Group DF reminded that in 2014 PJSC Crimean Titan was re-registered from Armeniansk (Autonomous Republic of Crimea) to Kyiv. Then Group DF renamed it Ukrainian Chemical Products. Ostchem Germany GmbH (Hamburg, Germany) became the owner of Ukrainian Chemical Products.

Oleg Arstarkhov, Director of Corporate Communications at Group DF, told Interfax-Ukraine that this is an agreement between two private companies, so there are no obligations to disclose the amount of the agreement.

“At the same time, it should be understood that any assets in the Crimea are subject to sanctions and cannot sell their products abroad due to the current status of the peninsula. This has critically reduced the value of the asset, “Oleg Orestarkhov explained.

LLC “Russian Titan” (Petrozavodsk, Karelia), according to the analytical system “SPARK-Interfax”, was established in July 2021 with a share capital of 10 thousand rubles. Its founders were Serhiy Romanenko – 50%, Roman Stepanov (director) – 30% and Serhiy Maksymov – 20%. The main activity is the extraction and enrichment of titanium-magnesium raw materials.

Last year, “Russian Titan” worked with a net profit of 184 thousand rubles. with a profit of 7.455 million rubles.

PJSC Ukrainian Chemical Products in 2020 received UAH 2.17 billion in losses after UAH 744.72 million in net profit a year earlier. The company’s assets at the end of last year were estimated at UAH 6.34 billion. Including fixed assets – UAH 1.4 billion. Current liabilities amounted to UAH 17.34 billion.

(c)INDUSTRIAL PORTAL UKRAINE 2022