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Belarus creates new holding companies

MINSK, 30 June (BelTA) - Belarus is creating new holding companies, namely Belarusian Steel Company and Belstankoinstrument, reads Resolution No. 598 of the Council of Ministers as of 28 June 2012, BelTA learnt from the press service of the Belarusian government.

According to the document, by 31 December 2012, the shares of open joint stock companies owned by the Republic of Belarus will be used as the non-monetary contribution into the statutory fund of Belarusian Steel Company. These joint stock companies include Rechitsa Hardware Plant, Mogilev Metallurgical Works, Minsk Bearing Plant, Belvtorchermet, Beltsvetmet, Legmash Plant, Bobruisk Machine Building Plant, Technopribor, Polesyeelectromash. Belarusian Steel Works will act as the management company of the new holding company.

Also, by 31 December 2012 the shares of state-run joint-stock companies will be transferred to Minsk Machine-Tool Plant as a non-monetary contribution to the holding company Belstankoinstrument. These are the shares of Baranovichi Machine-Tool Plant, VISTAN, Gomel Plant of Machine Units, Orsha Toolmaker Plant, Kirov Machine-Tool Plant, Minsk Masherov Automated Lines Factory. Minsk Machine-Tool Plant will act as the management company.

The State Property Committee, the Industry Ministry will ensure an additional issue of shares to commensurate the statutory funds of Belarusian Steel Works and Minsk Machine-Tool Plant and transfer them into ownership of the Republic of Belarus.