Tihipko's Dneprometiz to issue $5 million in bonds to fund purchase of equipment from Italy, Spain

21 November 2022, 06:53 PM
Former politician and businessman Serhyi Tihipko (Photo:NV)

Former politician and businessman Serhyi Tihipko (Photo:NV)

Dneprometiz, the largest manufacturer of hardware products in Ukraine, plans to issue five series of bonds  in total worth $5 million to buy equipment abroad for zinc-aluminum coated wire production, the Ukrainian news agency Interfax-Ukraine reported. 

Five series of bonds — D, E, F, G and H — will be issued, with each issue consisting of 1,000 bonds, and each bond with a face value of $1,000. Tascombank will act as the underwriter, Interfax-Ukraine said, referring the decision of the Dneprometiz Supervisory Board of Nov. 17.

As of the date of the decision, the total nominal value of the company's bonds to be issued is 43.8% of the company's authorized capital, which is not to be increased.

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No other details of the bond issue have been released.

The bonds are to be issued to finance the purchase of equipment for a hot-dip galvanizing line for acid-free galvanized wire production. Equipment is to be bought from Druids Process Technology, SL (Spain) and Mario Frigerio SpA (Italy).

In March 2020, the company issued three series of bonds, each issue being of 40,000 bonds together worth UAH 120 million (almost $4.5 million at that time) to buy bolt production equipment from Taiwan’s Metiz Alliance.

Dneprometiz produces a large selection of hardware products made of low-carbon steel. The capacity of the enterprise is 120,000 tons per year.

TAS Overseas Investments Limited (Cyprus) owns 98.6578% Dneprometiz's shares.

The TAS group of companies is owned by former politician and businessman Serhyi Tihipko.

Tihipko also recently announced the opening of an analogue of the Ukrainian Internet bank Monobank in Poland.

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