Antimonopoly Committee allows Azerbaijani investor to privatize UMCC
Photo: UMCC press service

The Antimonopoly Committee of Ukraine has allowed Cemin Ukraine, a company owned by Azerbaijani businessman Nasib Hasanov, to privatize the United Mining and Chemical Company (UMCC). The decision was made on Thursday, May 29, reported the press service of the AMCU.

"Permission has been granted to Cemin Ukraine LLC to acquire control over United Mining and Chemical Company JSC through direct acquisition of shares of United Mining and Chemical Company JSC, which ensures exceeding 50% of the votes in the company's supreme management body," the committee reported.

Cemin Ukraine, a part of the international group of companies Neqsol Holding, was the only participant in the privatization auction held in October 2024.

The starting price of UMCC was UAH 3.90 billion, and Cemin Ukraine offered UAH 3.94 billion.

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Neqsol is an international group of companies operating in 11 countries with headquarters in Amsterdam, Baku and Kyiv. It is 100% owned by Nasib Hasanov from Azerbaijan. The group started its operations in the oil and gas industry in the early 1990s, and its businesses are consolidated into two companies – Nobel Oil E&P and Nobel Energy. The former is engaged in exploration and production, while the latter provides services to oil and gas operators..In 2005, Neqsol entered the telecommunications industry by acquiring Bakcell in Azerbaijan. In 2019, Neqsol bought Vodafone Ukraine, the second largest mobile operator in the country, from the Russians.The holding is also present in the construction services and materials market, producing cement and related materials. Founded in 2013, Norm is the largest cement producer in the South Caucasus.

Neqsol has plans to modernize, develop new products using deep processing of raw materials, and expand the presence of Ukrainian company UMCC products in world markets in strict compliance with international sanctions, the holding's press service reported to LIGA.net .

"The decision of the AMCU means the completion of a key stage of one of the largest privatizations in the context of a full-scale war in Ukraine. As a strategic investor, we will bring global business expertise to UMCC to transform it into a modern global player in the titanium industry," said Volodymyr Lavrenchuk, Regional Director of Neqsol.

  • The United Mining and Chemical Company is one of the world's largest producers of titanium raw materials, with a 4% share of the global market and a top ten global production volume. It is a leader in the production of ilmenite, rutile and zircon concentrates in Ukraine and Europe.
  • It has two branches: Vilnohirsk Mining and Metallurgical Plant (Malyshevske deposit, Dnipropetrovska oblast) and Irshansk Mining and Processing Plant (Mezhyrichne deposit, Zhytomyrska oblast).
  • According to current management's assessment, Vilnohirsk Plant has a "normal operating perspective" until 2030, while Irshansk Plant has at least 15 years of operation.
privatizationtitaniumNEQSOLCemin UkraineUGCC