[1]Group DF consolidated 100% of the shares in Crimea TITAN JSC, a Ukrainian titanium dioxide producer.
Being the owner of 50% -1 share in Crimea TITAN JSC through a subsidiary company, Group DF exercised its priority right to purchase 50% +1 share in Crimea TITAN JSC from the State Property Fund of Ukraine (SPFU) for UAH 677.6 million. The price of the stock was determined following an independent assessment of this asset initiated by the SPFU.
“Over recent years, Group DF successfully proved itself as an effective owner of Crimea TITAN. Significant capital investments from the Group have allowed for technological modernization and enabled Crimea TITAN to achieve record-breaking production outputs”, explained Boris Krasnyansky, CEO of Group DF. “By consolidating 100% of the shares in this company, the Group confirms its intentions to become one of the leading players on the global titanium markets, as well as pursuing its strategy to create a vertically integrated titanium holding”, added Mr Krasnyansky.
As part of Group DF’s extensive investment programme for Crimea TITAN, a new sulphuric acid workshop construction was completed in 2012. This workshop enables to increase Crimea TITAN’s annual titanium dioxide production capacities to 120 thousand tons. Further Crimea TITAN’s expansion plans include construction of a new technologically advanced titanium dioxide workshop enabling it to increase the combined production capacity to 240 thousand tons of titanium dioxide per annum.