The state enterprise United Mining and Chemical Company has received a real control over Zaporozhye Titanium and Magnesium Works.
The Verkhovnaya Rada has passed a decree that decreases quorum level of participants with the state share from 60% to 50%.
“This will allow our company to influence ZTMK, as we own 51% of it on behalf of the state, with 49% owned by TolexisTradingLtd”, said UMCC in its statement.
“We welcome the passing of the decree, as it increases the state influence on the works. When it comes into effect we will call for the ZTMK participants meeting”, added UMCC first deputy CEO Alexander Gladushko. And this meeting will discuss the ZTMK management. (Ukrainian metal)