The SCM Group, the largest financial and industrial group in Ukraine, has carried out a corporate reorganization aimed at increasing the transparency and investment attractiveness of its business, according to which business ownership and strategic management were separated, reads a posting on the group's Web site.
"As a result, SCM will focus on strategic business management and SCM Holdings limited will own corporate rights of all its Ukrainian and international assets. Starting from 2012 Rinat Akhmetov owns SCM and SCM Holdings limited (he owned SCM Holdings limited indirectly through SCM before)," reads the document.
"These actions will build a structure that meets international business standards but will not change the investment focus (Ukraine will remain our major investment destination) or the tax policy of the group (our shareholder and businesses are responsible taxpayers, and pay taxes in Ukraine)," the report says.
SCM Group is a professional investor and managing company of the biggest Ukrainian financial and industrial group focusing on three business areas: mining and metals, power generation and distribution and finance. The company also operates in other sectors including telecommunications, media, real estate, retail, clay production, petroleum products trade, agriculture, pharmaceuticals trade, heavy engineering and transportation.
SCM Group comprises Metinvest and DTEK, First Ukrainian International Bank and Renaissance Capital Bank, ASKA and ASKA-Life insurance companies, Vega Telecommunications Group, Ukraina Media Group and Segodnya Multimedia publishing holding, ESTA Holding (real estate), Ukrainskiy Retail (retail), UMG (clay production), Parallel (petroleum products operator), HarvEast (agriculture), Ukrainian Pharmacy Holding, Mining Machines heavy engineering holding, Portinvest transportation holding and others.
