Firtash restructures chemical empire

A stake of over 50% in Rivneazot (UX: RAZT UK, N/R) was transferred to Proktora Holdings Limited (Cyprus) as part of the internal restructuring of Dmytro Firtash’s chemicals business, according to a Firtash press release yesterday (via Interfax). The businessman remains the end beneficiary of Rivneazot. In August, Ostchem Enterprises Limited transferred control of Krymsoda  (UX: KSOD UK, N/R) to Dwara Trading Limited and Valika Limited, also controlled by Firtash. Antonina Davydenko: The restructuring of Firtash’s chemicals branch was expected after its acquisition spree (Firtash-related companies acquired Stirol (UX: STIR UK, BUY), Azot Cherkasy (UX: AZOT UK, N/R), Severodonetsky Azot in 2010-2011) and is in line with plans to IPO the business. However, neither the timing nor conditions of an IPO are clear.