Russian Volma to buy state shares in Belarusian Belgips

MINSK, 8 August (BelTA) – The state-owned package of shares as large as 99.5% in the Minsk-based company OAO Belgips will be sold to the Russian company Volma, Belarusian Architecture and Construction Minister Anatoly Nichkasov told a press conference on 8 August, BelTA has learned.

The sale of the package of shares has been discussed by the government and the approval of the Belarus President Administration has been granted, said the official. According to the Minister, the state shares will be handed over to the Russian partner once the investment contract is ready. The development of the investment contract is nearly over. “We should be able to sign the relevant agreements in Q3 2013,” said Anatoly Nichkasov. He explained that the investments will be primarily channeled into modernizing the existing production facilities for the sake of reducing its energy consumption. At the same time money will be spent on working out design and budget documents for building a new enterprise in the town of Gatovo, Minsk District.

According to the Minister, the value of the state-owned shares in the Belarusian construction materials company OAO Belgips exceeds $5 million.