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Semashko: IPO of BELAZ to be held in 2013 at Frankfurt Stock Exchange

Privatization
18:12 | 19.11.2012 | Business-News
Belarusian Autowork OJSC (BELAZ) will held IPO in 2013, said Vladimir Semashko, First Deputy Prime Minister, at the press conference under the VII Belarusian Investment forum held in Minsk on November 15-16, 2012.

The enterprise is ready to hold its IPO and it is may be held in 2013, noted Semashko.  The Frankfurt Stock Exchange is considered to be the place of this IPO.

 

"It is important to choose a favorable time. This is period of recession now and the IPO to be held now will not be succеssful", Semashko considers.

 

BELAZ net profit was USD 240 million last year and it is possible to calculate the enterprise market price taking into account these figures, Semashko noted.  BELAZ  “did not stop its investment program for a single hour", First Deputy Prime Minister pointed out.

 

"In case we sell the whole controlling stake … But the international practice is to sell 15-20%. The enterprise need to be developed, need new markets and new partners", Semashko said.

 

The decision to launch a new investment project of BELAZ at USD 850 million was taken last year, according to the First Deputy Prime Minister.  The funds received from the IPO will be used to the enterprise needs ant to implement this investment project.

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