"United Mining and Chemical Company" | News | First stage of preparation of JSC UMCC for privatization is nearly completed
First stage of preparation of JSC UMCC for privatization is nearly completed
04.12.2019Another meeting of the company’s management with the management of the privatization advisor – BDO Corporate Finance, took place on December 3.
The parties discussed the progress of preparation of the company for the privatization tender, and the representatives of BDO Corporate Finance informed that the first stage of this procedure can be considered as factually completed.
“We are satisfied with the pace we work at. The representatives of the advisor have started to carry out the steps from the second and third stages of preparation for privatization in order to complete the full audit of the company by the end of the year. Our whole staff is contributing as much as they can to this work,” comments Oleksandr Gladushko, Acting Chairman of the Board of JSC UMCC.
At the moment, the advisors have collected all information regarding economic, technical and financial indicators of operation of the company and its subsidiaries, and prepared preliminary presentation of possibilities of the asset for the potential buyers. The following procedures have been started: environmental audit, appraisal, Tax Due Diligence, Operational Due Diligence, Technological Due Diligence from the second stage of preparation for the privatization, and Financial Due Diligence, Legal Due Diligence, envisaged by the third stage.
If we continue to work promptly and in a coordinated manner within the trilateral format (company, advisor, State Property Fund), it will be possible to complete the plan of preparation for privatization of JSC UMCC, believes Oleksandr Gladushko, Head of JSC UMCC.
There are reasons to believe that the company will be among the first companies on the privatization list 2020 to be put up for sale. JSC UMCC believes that privatization of the asset is the only possible way for further successful development of the company.