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EBRD, strategic investor might co-invest in Krinitsa stock

Economy 10.01.2019 | 15:54
Photo courtesy of OAO Krinitsa
Photo courtesy of OAO Krinitsa

MINSK, 10 January (BelTA) - The European Bank for Reconstruction and Development (EBRD) does not rule out buying a stake in OAO Krinitsa together with a strategic investor, head of the EBRD office in Belarus Alexander Pivovarsky told the media, BelTA has learned.

Last year the EBRD signed a memorandum of understanding with the government on pre-privatization support for OAO Krinitsa in 2018-2020 (which, among other things, earmarks €60,000 to pay for consultancy services). Work on the project is in progress. A group of consultants made their first visit in November.

An agreement has been reached to make a decision on privatization of OAO Krinitsa no later than 2020, Alexander Pivovarsky said. But it might happen before the agreed date as the active work of the European Bank for Reconstruction and Development with companies usually attracts the attention of investors.

“If an investor buys stock, EBRD sometimes does too in order to stabilize processes, help the investor to settle in,” he explained. For example, the Bank may buy stock of a company to sell it 5 years later to a strategic investor.

When asked about possible acquisition of OAO Krasnoselskstroimaterialy by the Irish concern CRH, Alexander Pivovarsky said that the negotiations are still ongoing, the Belarusian government is considering the offer.

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