Ukraine's State Property Fund (SPF), which has retaken a 68% stake in PJSC Zaporizhia-based ZAlK aluminum mill as part of de-privatization and has agreed to an annual general meeting (AGM) at ZAlK with Russia's RusAl, which still owns about 29% of shares,

"We'll discuss a new supervisory board, management and operating activity," SPF head Ihor Bilous said while outlining the AGM's agenda at a press conference in Kyiv on Thursday.

He also said that the so-called transition period, i.e. "what is to be done between today and the AGM," will be discussed.

"We've been conducting a good and rather constructive dialogue," Bilous said.

At the same time, he did not disclose a date for the AGM.

In February 2001 Ukraine's State Property Fund and CJSC AvtoVAZ-Invest concluded the ZAlK sale and purchase agreement, under which the buyer was to pay the company's debts of over $75 million to Ukreximbank. Russia's SUAL group became the owner of ZAlK in 2004, and it was transferred to the control of Russia's aluminum giant UC RusAl in 2007. In Ukraine, RusAl also owns Mykolaiv aluminum works.

The buyers - CJSC AvtoVAZ-Invest and Velbay Holdings Limited – avoided the fulfillment of their investment liabilities which was why a claim filed the Ukrainian Public Prosecutor's Office to return the stake to state ownership was upheld by a court on June 9, 2015: a 68.01% stake in PJSC ZAlK was returned to state ownership and the stake in the securities was transferred to the SPF's account.

ZAlK was Ukraine's only producer of primary aluminum. In April of 2011, ZAlK mothballed its existing capacity at its electrolysis shop and announced it was ceasing the production of primary aluminum as it did not make profit, especially because of high power rates. At the same time, aluminum production capacity at the plant halted, and primary aluminum was not produced. ZAIK has also eliminated alumina production in recent years.