12:42 31.03.2016

Concorde Capital to help accelerate Odesa Port-Side Plant privatization

2 min read
Concorde Capital to help accelerate Odesa Port-Side Plant privatization

Concorde Capital Investment Company (Kyiv), a shareholder in Odesa Port-Side Plant, advocates the speedy privatization of the enterprise because the state inefficiently manages the plant.

"We have actively joined the privatization process. The privatization tender could be held this summer. We will do our best to make it as effective and transparent as possible. We want to see competition among real strategic investors, up to the protection of shareholders' rights at courts," Concorde Capital CEO Ihor Mazepa wrote on his Facebook page on Wednesday.

He said that his company has been a shareholder in the plant since 2007 and viewed the operation of the enterprise (over that period) as ineffective.

"Two years ago calls to reforms were explained by the increased capitalization of the country. This would entail a rise in the capitalization of businesses and assets in our country… Unfortunately, everyone forgot about it. We read a lot about corruption at the Odesa Port-Side Plant in media reports," he said.

Mazepa said that the first step to [boost privatization] will be the publication an independent report on the company's operations for 2015 before a general meeting of shareholders scheduled for April 28, 2016.

State-owned Odesa Port-Side Plant produces chemical products and transships ammonia to vessels.

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