Ukraine Sells Titanium Producer in Rare Wartime Privatization
- Bid of $96 million for UMCC-Titanium accepted at auction
- Property fund says proceeds to aid defensive capabilities
Piles of mineral containing titanium.
Photographer: Carla Gottgens/Bloomberg
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Ukraine said it accepted an offer for a state-run titanium producer in a rare wartime privatization deal as the government grapples with mounting pressure on the wartime budget.
A bid of 3.94 billion hryvnia ($96 million) for UMCC-Titanium was approved, the State Property Fund said Wednesday in a website statement. Cemin Ukraine, a Neqsol Holding unit, was the only participant in the auction.