Contributed by Avellum.

Avellum has advised MHP on its investment in Ukrainian food technology start-up Foodz.

Over the past years, Ukraine expressed its intention to step on the energy transition pathway, develop energy efficiency measures, phase out fossil fuels, and switch to renewable energy sources (RES). The development of green hydrogen production (based on electrolysis of water using renewable electricity) is part of the chosen direction. Therefore, the Ministry of Energy of Ukraine and more than 20 Ukrainian companies have joined the European Clean Hydrogen Alliance to coordinate efforts to develop hydrogen energy.

Avellum has advised Kazakhstan’s financial technology firm Kaspi.kz subsidiary Kaspi Pay on its acquisition of Ukrainian online payment platform Portmone from Ukraine-based 4i Capital Partners. Kinstellar advised the seller.

Kinstellar, working with DLA Piper's London office, has advised VF Ukraine on a consent solicitation related to the outstanding USD 500 million 6.20% loan participation notes due 2025 issued by VFU Funding plc. Slaughter and May advised VFU Funding plc, while Linklaters and Avellum advised J.P. Morgan as the solicitation agent.

Avellum has advised PJSC MHP on the acquisition of MHP Food UK Limited, formerly known as Braintree Meats Limited.

Let me start with a provocative statement: it is really easy and safe to do business in Ukraine today. As discussed in the article below, this is not a naive view of a Ukrainian lawyer but pure facts and statistics. Moreover, if you compare Ukraine with its neighbors, the contrast is startling: information transparency of companies coupled with super-fast registration procedures and special regime for IT companies are astonishing.

The Ukrainian legal services market has been buzzing with work in the first half of 2021. CEE Legal Matters hosted a round table conversation in which Partners at Asters, Avellum, Integrites, Kinstellar, and Sayenko Kharenko discussed the driving forces behind the workload and their outlook for the months to come.

According to Avellum Partner Maksym Maksymenko, the key developments in the country’s economy revolve around infrastructure projects, agricultural land regime liberalization, and large-scale privatization of certain state-owned companies. Maksymenko also reports several updates in legislation, primarily in the areas of zoning and city planning, and capital markets.

The fundamental goal of each company is to increase sales. For this purpose, players that operate in the Ukrainian pharma market utilize a wide range of promotional activities. However, Ukrainian laws on health protection allow very few of them when it comes to prescription (or “Rx”) pharmaceuticals.

On 21 July 2021, Law of Ukraine “On Amendments to Tax Code of Ukraine and Other Laws of Ukraine on Stimulating De-Shadowing of Income and Improving Tax Culture of Citizens by Introducing One-Time (Special) Voluntary Disclosure by Individuals of Their Assets and Payment to Budget of One-Time Duty” No. 1539-IX, dated 15 June 2021 (“Tax Amnesty Law”), entered into force.

On 2 July 2021, Law of Ukraine “On Amending the Tax Code of Ukraine on Abolition of Taxation of Income Received by Non-Residents in the Form of Payment for Production and/or Distribution of Advertisements and Improvement of Value-Added Taxation of Transactions Involving the Supply of Electronic Services by Non-Residents to Individuals” No. 1525-ІХ (the “Law”) entered into force. The Law introduces VAT on digital services supplied by non-residents to Ukrainian individual customers and abolishes 20% withholding tax on advertising services.

Avellum has advised State Road Agency of Ukraine Ukravtodor on a debut USD 700 million issuance of 6.25% guaranteed notes due 2028 with a benefit of the sovereign guarantee as well as the Ministry of Finance of Ukraine on the actual sovereign guarantee. Sayenko Kharenko and Linklaters advised managers J.P. Morgan, Dragon Capital, and Ukreximbank.

Avellum has advised Interpipe Holdings on a USD 300 million issue of 8.375% guaranteed notes due 2026. Sayenko Kharenko advised the joint lead managers and bookrunners on the deal.

Avellum has advised Concorde Capital on its sale of a 72% stake in Zeleny Park LLC to an unidentified buyer.

Contributed by Avellum.

Contributed by Avellum