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9.2 Major corporate news
9.2.4 Construction & Real estate corporate news
Turkish company Bosphorus Development invests in construction in Kyiv despite the war. The company's first project in Ukraine is a residential complex, Maxima Residence, Bosphorus Development founder Mehmet Vahit Sachaklioglu said. He specified that work on the project began a few months before the start of the full-scale war. It is implemented in partnership with the Ukrainian company, RIEL, and work continues despite the war. The construction of the third and last section of the complex will be completed by the end of 2025."Ukraine has a favorable location, great opportunities, and a promising future. Yes, it is now risky to start new projects here. However, we have resumed the project's construction with hundreds of specialists involved. We pay taxes and support the Ukrainian economy. We try to show other foreign companies and investors that now it is profitable to invest in Ukraine without any fear," Sachaklioglu emphasized. Bosphorus Development plans to build both residential and commercial facilities in Ukraine.
9.2.5 Retail corporate news
The total turnover from Ukrainian retailers EVA and Varus will grow this year by 30% to UAH 65B. According to the co-owner of the store chain, Ruslan Shostak, the current forecast may be adjusted due to the war. At the same time, the group is building plans for the next year, considering the possible continuation of hostilities. Shostak noted that the group's workforce continues to expand and today has more than 30,000 employees. RUSH, a company that manages the EVA network, has 52 brands covering home goods, perfumes, cosmetics, jewelry, personal care products, accessories, underwear, and children's products. VTM's share sales in 2022 were 30.6%. The Omega company, which develops Varus, was established in 2000. The first Varus supermarket was opened in 2003 in Dnipro. Currently, the chain has 103 supermarkets in five regions of Ukraine and the capital, with a retail area of 89,400 square meters. Varus has 7,000 employees.
9.2.6 Agriculture corporate news
● MHP
The largest chicken exporter in Ukraine will receive up to $30M in financing from the IFC to expand the capacity of its biomethane production plant. The International Finance Corporation (IFC) will resume cooperation with the MHP agricultural holding, the largest chicken producer in Ukraine, and provide a loan to its daughter company, the Vinnytsia Poultry Factory. It is noted that the company already operates two biogas plants for processing waste from its farms into green energy. As part of its decarbonization strategy, MHP plans to increase biomethane production in Ukraine by modernizing and expanding the capacity of its biogas plants in several stages. The project's first planned stage is to modernize existing capacities to obtain 14,000 tons of liquefied biomethane per year, and the second stage - to expand capacities to 20.5 MW (as of today, the capacity is 12 MW). The total cost of the project is estimated at $52M. In addition to the IFC loan, MHP expects to self-finance the project
83 UKRAINE Country Report October 2023 www.intellinews.com