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IPO pilot project will be a success, Rumas says

MINSK, 2 May (BelTA) – The initial public offering (IPO) of Minsk Plant of Sparkling Wines on the Belarusian Currency and Stock Exchange will be a success, Vice Premier of Belarus Sergei Rumas said on 2 May at the exchange where the IPO was opened, BelTA has learnt.

IPO is a source of economic growth. This instrument has become extremely relevant now as Belarus “is going to stop using emission to fuel economic growth”, Sergei Rumas said. Therefore, IPO has come to the fore as a source of available funds of individuals and legal entities.

The government and the President of Belarus agreed on the first pilot project on Minsk Plant of Sparkling Wines. One buyer can get up to 1,000 shares. Being the major shareholder of the plant, the government placed up to 25% of the company’s shares in IPO. The sale of shares started today, on 2 May. The Belarusian Currency and Stock Exchange has already received Br700 million worth of bids. After 12.00 all these bids will be satisfied. The auction will be held everyday and close on 15 June 2012. It can close earlier, as soon as the bid portfolio is complete.

“The government hopes that this pilot project will be successful and the company will be able to attract a broad spectrum of investors and channel these funds into investment projects, maybe, restructuring of the debt,” Sergei Rumas said.