11:09 - 11.10.2024

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October 11, Fineko/abc.az. Ukraine has said it has accepted an offer to buy a state-owned titanium producer in a rare wartime privatization deal. There is no money in the country, and the government is facing increasing pressure on the military budget.

ABC.AZ reports that an application in the amount of UAH 3.94 billion ($96 million) for UMCC-Titanium has been approved, the State Property Fund said in a statement published on its website on Wednesday. The only participant in the auction was Cement Ukraine, a division of Neqsol Holding.

UMCC is one of the world's largest titanium producers, extracting and processing ores into sands and concentrates. More than 90% of the titanium ore produced by it is used in paints, and also supplies products to the glass, ceramic and refractory industries.