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Ukraine’s largest tire manufacturer could be about to lose its only lucrative asset on the eve of its privatization.
The details of the budding controversy are hazy.
What is clear is that someone plans to sell a minority stake in the Rosava tire‑making joint venture (Rosava JV). What is unclear is who owns the shares being put up for sale – the Ukrainian or the foreign partner.
The controversy surfaced on April 28 when Alfa Capital, a Russian securities firm, made public its plans to sell 49 percent of Rosava JV.
The joint venture was created in 1998 by the state‑controlled Rosava tire plant (Rosava OJSC) and Irish‑registered Tapistron, a company linked to Amtel, a diversified holding company believed to have Russian and Singaporean roots. Rosava OJSC holds a 49 percent share and Tapistron has the controlling 51 percent stake, according to Inna Burmych, deputy head of pre‑privatization at the State Property Fund.
The hitch is that Rosava OJSC says it knows nothing about the sale. Meanwhile, neither Amtel nor Alfa Capital is talking.
