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Azeri investor acquires a sugar mill in Ukraine

11 September 2009 10:25 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Ukraine-based sugar manufacturer YuVS Ltd. (OAO "Ugroedskij sakharnyj zavod") has sold one of its factories to an Azerbaijani investor, Ukrainian media reported.

According to media reports, Azeri investor won the Ugroyedsky mill at an auction after YuVS, which is among the worldâ€™s top sugar makers, decided to sell its assets and quite this business.

The name of the investor and the amount of the deal were not disclosed, but some local experts were quoted as saying the plant was sold for 2 million hryvnia (about AZN 200 000).

Three years ago, the plant could be sold for a couple of million dollars but its price plunged after it became idle.

In addition, YuVS has already identified potential investors to sell its Verensky factory.

After going broke in November 2008, the company said it will focus on meat and grain production as sugar production is not profitable in the near future.