AMCU granted permission to Neqsol Holding to privatize OGHC

The Antimonopoly Committee of Ukraine has given the green light for the privatization of JSC “United Mining and Chemical Company” (UMCC) by the company “Tsemin Ukraine,” owned by Azerbaijani businessman Nasib Hasanov.

This decision was made on May 29, according to information released by the AMCU’s press service.

“Limited Liability Company’ Tsemin Ukraine’ has been granted permission to gain control over JSC ‘United Mining and Chemical Company’ by purchasing shares that provide more than 50% of the votes in the supreme management body,” the committee document states.

The company “Tsemin Ukraine” is part of the international Neqsol Holding group, with its head office located in Amsterdam. In October 2024, this company became the only participant in the privatization auction, offering UAH 3.94 billion for UMCC at a starting price of UAH 3.90 billion.

Neqsol is an international holding company operating in 11 countries. It is wholly owned by Nasib Hasanov and is involved in the oil and gas, telecommunications, construction, and cement industries. The holding’s key assets include the Azerbaijani mobile operator Bakcell and Vodafone Ukraine, acquired in 2019.

In 2023, Neqsol Holding announced plans to modernize OGKK, expand export opportunities, and comply with international sanctions. The company also plans to utilize deep processing of raw materials and expand into new markets.

“This is the completion of an important stage of one of the largest privatizations during the war. We will attract global business expertise to OGKK and turn it into a global player in the titanium industry,” commented Volodymyr Lavrenchuk, Regional Director of Neqsol.

Background information:

OGKK is one of the leading producers of titanium raw materials worldwide, accounting for approximately 4% of the global market. In Ukraine and Europe, the company is a leader in the production of ilmenite, rutile, and zircon concentrates.

The structure of OGKH includes the Vilnohirsk Mining and Metallurgical Combine in the Dnipropetrovsk region and the Irshansk Mining and Processing Combine in the Zhytomyr region. According to the current management, the Vilnohirsk deposit is expected to operate until 2030, and the Irshansk deposit for at least another 15 years.