Kyivmiskbud is asking the City of Kyiv for a further 3 billion hryvnias due to a lack of funds to complete the construction work
This is stated in a letter from Valeriy Zasutskyi, Chairman of the Board of Kyivmiskbud, to Mayor Vitali Klitschko, published on the Kyiv City Council’s website.
According to Zasutsky, the capital injection has had a positive impact on the company’s financial position, but has not resolved all its financial problems.
“The funds raised through the recapitalisation are no longer sufficient to meet the company’s objectives,” the letter states.
It is forecast that these funds will run out in the first quarter of 2027.
“Given the urgent need […], we ask you to initiate consideration and adoption by the Kyiv City Council of a decision on a further increase in the company’s authorised capital […] by an amount of not less than 3 billion hryvnias,” wrote the chairman of the board.
Kyivmiskbud has 24 unfinished residential complexes in its portfolio.
A significant proportion of the financial problems arose because the company undertook to complete the projects of the bankrupt state-owned corporation ‘Ukrbud’. The situation has deteriorated critically due to the full-scale invasion, inflation, rising prices for building materials and a fall in the population’s purchasing power.
In December 2025, Kyivmiskbud received 2.56 billion hryvnias from the capital, enabling it to resume housing construction after a four-year hiatus.
During the recapitalisation, Kyivmiskbud issued 10.24 billion new ordinary registered shares with a nominal value of 0.25 hryvnia each. The sole participant in the share placement was the territorial community of the city of Kyiv, represented by the Department of Municipal Property of the Kyiv City State Administration, which already controlled 80 per cent of the company’s shares. Following the recapitalisation, Kyiv’s stake rose to almost 100 per cent of the company’s total shares.
It was already known back in 2024 that the allocated funds would be insufficient. At that time, Kyiv city councillors appealed to the Cabinet of Ministers to allocate 2.28 billion hryvnias to Kyivmiskbud for the completion of 18 loss-making Ukrbud projects, but the government refused their request.
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