Ukraine’s Minister of Strategic Industries, Oleksandr Kamyshin, made the announcement on his Telegram.
According to him, the transformation of the state concern into a joint-stock company is just the first step.
"The next step is the transfer of staff and property and further transformation processes. Next is the formation of the Supervisory Board in accordance with OECD standards," the official wrote.
The new joint-stock company will be fully state-owned. The transformation of Ukroboronprom should open the way to the transfer of the latest technologies, the creation of joint ventures with foreign partners, investment attraction, and in-depth public-private partnerships.
It should also increase the overall efficiency of Ukraine's public defense sector, which is of particular importance during the war against the Russian occupying forces.
On June 27, President of Ukraine Volodymyr Zelenskyy signed a decree dismissing the Director General of the Ukroboronprom State Concern, Yuriy Husiev. At the time, Kamyshin, commenting on his resignation, said that "ironclad changes and significant strengthening" were ahead for Ukroboronprom.
The new head of the concern is 31-year-old Herman Smetanin. He comes from Kharkiv and holds a degree in wheeled and tracked vehicle design.