"United Mining and Chemical Company" | News | New acting chairman of the board introduced to JSC UMCC

New acting chairman of the board introduced to JSC UMCC
New acting chairman of the board introduced to JSC UMCC


On February 25, Head of State Property Fund of Ukraine Dmytro Sennychenko presented Mykhailo Makarov, new Acting Chairman of the Board of JSC UMCC to the staff of the company.
The newly appointed head of the company has been given the task to prepare JSC UMCC for “transparent privatization and sale of company with the benefit for the state in the form of increase of tax payments and jobs”, announced Dmytro Sennychenko.
Mykhailo Makarov has 26 years of experience in managerial positions, 18 – in the government sector. He has served as the advisor to the National Security and Defense Council of Ukraine and Minister of Youth and Sport of Ukraine, Head of District State Administration. He has headed state enterprises, worked with oblast and central public authorities, is the Chair of the Oversight Council of a limited liability company. Makarov has an in-depth understanding of financial issues of the companies in private sector, which he gained when working as a financial director.
Mykhailo Makarov assured the staff that he would invest maximum efforts and his experience to fulfill the task of the public authority – State Property Fund of Ukraine. The new acting chairman of the board said he had a clear plan of how to prepare the company for the transparent privatization and will implement it together with the company’s staff.
JSC United Mining and Chemical Company has been preparing for privatization since the day of its establishment in 2014. In 2016, it was among the first enterprises in the government sector to be corporatized. Also, in the same year UMMC transitioned to international financial reporting standards, passed audit and appraisal with highly respected international companies Grant Thornton, KPMG and Baker Tilly. The company is incorporated; 1.9 billion shares worth UAH 1 each has been issued.
Since October 2019, the company has been working effectively with the advisor appointed by the government – BDO Corporate Finance LLC. Environmental and financial audits have already been completed. The advisor praises the level of cooperation of UMCC management in the other audits. In particular, Vitaliy Strukov, Managing Partner at BDO Corporate Finance LLC stated: “We are planning to finish all audits within several weeks. All partners have pointed to high level of professionalism of the UMCC team and constructive cooperation in all audits and Due Diligence.”
Privatization of JSC UMCC, as an attractive asset for investors, is planned for June-July 2020, according to the Head of State Property Fund of Ukraine Dmytro Sennychenko.