OREANDA-NEWS. December 26, 2007. ITT-Invest, an investment company of Daniil Volynets, supervisory board chair of Oschadbank, acquired almost 57% of shares in Ukrvzryvstroi OJSC from the family of Yuriy Boiko, former minister for fuel and energy, and his partner – Sergei Khlupin, UFC-Capital reports. According to the official statement, the owners took their decision to sell the stake on December 2007. Ukrvzryvstroi OJSC was established on the base of the state-owned company – Ukrvzryvstroi in 1999. The core activities of the company are: explosive, drilling, road-building and other works. The key clients of the company are crushed stone producers and quarries as well as civil engineering industry. Taking into account the fact that ITT-Invest includes several reinforced concrete structures producers – Darnitsa Reinforced Concrete and Obukhov Pore Materials, which use crushed stone in their production process, it is clear that Ukrvzryvstroi OJSC will perfectly fit into its construction materials production business.

Until recently, Ukrvzryvstroi OJSC belonged to the families of Sergei Khlupin and Yuri Boiko, as well as to their business partners (Sergei Khlupin -17%, Vera Boiko – 17%, Ivan Makhonia, board chair of the company, – 25%).

Yuri Boiko and his partner – Sergei Khlupin (who in the times when Mr Boiko was the head of Naftogas of Ukraine NJSC was the CEO of Naftegas, being part of the NJSC responsible for retail sale of oil products via petrol stations) started to get rid of the non-profile assets in early 2006. Specifically, in early 2006, Ludmila Khlupina and Vera Boiko (wives of the business partners) sold a controlling interest in Vydubichy OJSC to the companies possessed by co-owners of Furshet – Igor Balenko and Vladimir Shkolnik.

Now, the families of Boiko and Khlupin have got rid of the controlling interest in Ukrvzryvstroi OJSC. However, Sergei Khlupin and Yuri Boiko are still the partners at as minimum one company – Lugansk Electric Apparatus OJSC, where they in the aggregate own a 40.7% stake.

In 2006, the net loss of Ukrvzryvstroi OJSC amounted to UAH 137.9 thousand, whereas in 2005 its net profit amounted to UAH 1.432 mln. In 2006, the net sales of the company amounted to UAH16.704 mln, which is by 1.9% less than in 2005.