The National Agency for Investments and Privatization (NAIP) has expanded until October 31, the deadline for bids from local and foreign companies interested in purchasing a 94.096% stake in OAO Minsk Margarine Factory, NAIP said in a release.
NAIP views a potential strategic investor for Minsk Margarine Factory as a private company with the average annual business proceeds totaling at least $30 million or equity capital totaling at least $12 million; in both cases the investor is supposed to have at least a 3-year experience in manufacturing foodstuffs or agricultural products.
NAIP signed a contract with a consortium of companies including Mattig Management Partners GesmbH (Austria), Alfa-Bank (Belarus) and Yegorov, Puginski, Afanasiev and Partners Ltd to assist in finding strategic investors.
As previously reported, the National Investment and Privatization Agency in association with the World Bank launched a pilot privatization project for eight open joint stock companies: Belgazstroi, Minsk Margarine Factory, Avtomagistral, Building and Installation Group No. 8, Baranovichi Concrete-Steel Construction Plant, Medplast, Konfa, Belsantekhmontazh-2. The Belarusian agency relies on the assistance of international financial organizations with a wide experience in privatization.
Established in 1951, Minsk Margarine Plant was converted into a joint stock company in 1993. The company produces over 80 titles of margarine, mayonnaise and vegetable oil. (Prime-TASS/Business World Magazine)
