The Georgian Industrial Group purchased 25% of the Ukrainian pharmaceutical company, which is 70% owned by the state.
Buyer of the is Luraq Investments Limited (Limassol, Cyprus), which is part of the Georgian Industrial Group (Georgian Industrial Group, GIG) bought the last 25% of the insulin producer “Indar”, PJSC (Kyiv).
This information was published by the Antimonopoly Committee of Ukraine (AMCU) on Thursday.
According to the AMCU, GIG group operates in coal markets, electricity generation and gas supply, automotive, real estate, media services, and invests in various sectors of the economy.
According to the AMCU, the control over the GIG group provides a private individual – a citizen of Georgia.
As reported, the Antimonopoly Committee of Ukraine allowed the Luraq Investments Limited to purchase shares of the “Indar”, PJSC, which provides the excess of 25% of the votes in the supreme governing body.
The “Indar”, PJSC is included in the list of state property objects of strategic importance to the economy and security of the state, approved by the government decree №83 dated 4 March, 2014.
The “Indar”, PJSC was created by the decision of the Cabinet of Ministers in 1997 on the basis of Kyiv meat packing plant. 70.7% of its shares belong to the state represented by the State Property Fund, 29.3% to the “Kyiv meat packing plant”, JSC. In 2012, the state fully regained control over the enterprise, lost in 2008, when the government’s 70.7% stake owned by the “Ukrmedprom”, SJC , was sold to the Storke Holdings Limited company (Belize). As of the end of 2013, 70.7% of the shares are owned by the “Ukrmedprom”, SJC and 21.1% – by the “Mindar Holdings Limited” (Cyprus).
At the end of 2015 “Indar” has reduced net profit by 8.8 times compared to 2014 – up to 8.471 million UAH.
GIG is the largest holding company in Georgia, with headquarters in Tbilisi. It was founded in 2006 by David Bezhuashvili, who is a member of the Georgian parliament from the ruling United National Movement party.
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