State Property Fund offers for sale packaging plant seized from Russian oligarch

The relevant statement was made by the Ukrainian State Property Fund on Facebook, an Ukrinform correspondent reports.

“The Ukrainian State Property Fund has approved the starting price of PentoPak Plant at UAH 203.7 million. The privatization lot will be listed in the Prozorro.Sale system as soon as today. The auction has been scheduled for May 31, 2024,” the report states.

The above asset was seized from the family of Ivan Savvidi, a Russian oligarch of Greek origin, who has close ties to the leadership of the Russian Federation and shows support for the occupation authorities within the temporarily occupied areas of Ukraine.

PentoPak provides a full cycle of packaging production for products in the meat processing industry, using the advanced technologies, such as high-quality printing with UV, water, alcohol-based inks. PentoPak’s customers include the famous Ukrainian brands, namely Rud, Globino, Meat Guild [Miasna Hildiia], as well as ordering parties from more than 30 countries.

Currently, PentoPak PrJSC is a profitable business, which continues to pay taxes and provide jobs for a team of 193 employees. The enterprise is planning to modernize production and enter the new markets of packaging materials for the dairy, fish processing, and animal food industries.

“It is not just about production facilities but a well-established business in the promising food industry segment. The new owner gets all the opportunities for further growth and development,” Ukrainian State Property Fund Head Vitalii Koval stressed.

A reminder that the auctions for the sale of the sanctioned assets of Mikhail Shelkov and Vladimir Saldo, which had been scheduled for April 17, 2024, failed to take place. The Ukrainian State Property Fund announced the repeated auctions for May 25, 2024.