27 July 2021, Tuesday, 17:52 158

State Property Fund Initiates Renaming Of Turboatom Into Ukrenergomashyny And Joining Electrotyazhmash To It

Editor: Daria Zubkova

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The State Property Fund (SPF) initiates the renaming of the largest manufacturer of turbine equipment Turboatom joint stock company into the Ukrainian Power Machines joint stock company (Ukrenergomashyny) and joining of the Electrotyazhmash joint stock company (both from Kharkiv) to it.

This is stated in the agenda of the Turboatom shareholders meeting, initiated by the SPF and scheduled for August 27, Ukrainian News Agency reports.

The agenda of the meeting of shareholders includes the following issues: approval of the market value of Turboatom shares, changing the type of company from public to private, changing its charter and internal regulations.

As Ukrainian News Agency earlier reported, in 2020, according to international financial reporting standards, Turboatom reduced net profit by 28% or UAH 87.53 million to UAH 226.53 million compared to 2019.

Last year, the plant's net income decreased by 48% or UAH 1.36 billion to UAH 1.47 billion compared to 2019.

Turboatom specializes in the production of turbines for thermal and nuclear power plants, hydraulic turbines for hydroelectric power plants and pumped storage power plants, gas turbines for thermal power plants, combined cycle equipment and other power equipment.

75.22% of shares of the Turboatom joint-stock company are owned by the state (the company is managed by the State Property Fund).

15.34% of the plant's shares are owned by Svarog Asset Management AMC of businessman Konstantin Grigorishin.

Electrotyazhmash belongs to the state and is one of the largest manufacturers of power equipment in Ukraine - it produces hydro and turbine generators, electric motors with a capacity of 160 W to 12.5 MW, and unique electric machines for rolling mills.