IDS Ukraine concerned over competition for manager of company's corporate rights

13 February, 06:50 PM
IDS Ukraine responded to the competition for the search for a manager (Photo:Моршинська via Facebook)

IDS Ukraine responded to the competition for the search for a manager (Photo:Моршинська via Facebook)

IDS Ukraine, one of the country's biggest bottled water suppliers, has said it doubts there will be a positive effect from a competition to select a manager of the company's corporate rights

This is according to the official position of the company, as published on its website on Feb. 13.

The competition was announced by Asset Recovery and Management Agency (ARMA).

"The company's management is concerned about the start of the selection process for the assets of the country's largest drinking water producer, as since the company's corporate rights were transferred to ARMA in November 2022, no actions from the company side have required the replacement of IDS Ukraine's management, including compliance with all imposed restrictions," IDS Ukraine wrote.

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The company believes it won't benefit from a change of management, as ARMA “has not previously had any successful cases of working with the assets that came under its control.”

IDS Ukraine also said its management has been working effectively under the conditions of the Russian full-scale invasion. The company has maintained its market share as of 2021, although its sales have dropped by 29%.

IDS Ukraine's management hopes that "the state is interested in preserving a large Ukrainian water producer and will not allow changes in the management structure, which has proven its effectiveness in the past, and in the current difficult conditions."

On Feb. 10, ARMA announced the competition for the post of a manager for the seized Morshynska, Myrhorodska and Borzhomi mineral water producers.

Last November, the shares of the plants that produce the popular mineral water was transferred to ARMA by a court decision.

In addition, IDS Borjomi International, a company owned by Russian oligarchs, announced on June 13 that its majority shareholder was transferring a 7.73% stake in the company to the Georgian government for free, and would no longer have control over it.

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