The State property Fund of Ukraine has included PJSC Azovmash (Mariupol, Donetsk region), which is the management company of Ukraine’s leading heavy engineering group, on the list of assets that will be prepared for privatization in 2014, the Interfax Ukraine news agency reports.
The relevant decision was approved by an order that the acting head of the State property Fund issued on August 14, which was published on the website of the State property Fund.
The order was signed in implementation of the Cabinet of Ministers resolution No. 667-r dated 17 July 17 2013, which approved the list of assets subject to privatization in 2014.
The state owns 50% +1 share in Azovmash through the State property Fund and Azovmashinvest Holding Limited (Cyprus), which is the Azovmash group’s holding company, owns 50%.
As of the second quarter of 2014, PJSC Azovmash owned 26.1785% of the shares in the group’s flagship company, PJSC Azovobschemash.
The Azovmash group (the Azovmashinvest holding) is one of the largest machine-building complexes in Ukraine. It is known on the world market as a supplier of railway freight cars and platforms, refueling tankers, tankers, cranes, metallurgical equipment, and ore-mining equipment.
Railcar manufacturing is the company’s core operation.
The net revenue of the group’s flagship company (PJSC Azovobschemash) reduced by 37% to UAH 6. 4631 billion in 2013, compared with 2012.