Implementation of the Pilot Privatization Project




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Implementation of the Pilot Privatization Project
The privatization objective in Belarus is to create conditions for attracting investment and developing an efficient socially oriented market economy.
Belarus Belorussiya (Belarus), Belorussiya Respublikasi (bel. Respublіka Belarus) - Yevropa markazidagi davlat. Sharqiy Yevropa tekisligining gʻarbida joylashgan. Maydoni 207,6 ming km2. Aholisi 9 463 300 kishi (2013).
With the support of the World Bank, the Agency is implementing a pilot privatization project. Since December 2011 the Agency has used the financial resources of the grant provided by the Ministry of Finance of Austria to support the privatization process in Belarus with the technical assistance of the World Bank.

The aim of the privatization program is to implement a small scale case-by-case privatization program in accordance with international best practices. А case-by-case privatization process is aimed at:

attracting the best strategic investors of either domestic or foreign origin able to ensure further development of the company,

generating revenues to the state budget as a result of successful sales,

minimizing the potential negative social impact of these transactions.

The privatization process is conducted through open and transparent international tenders with the participation of widely known Financial Advisors (investment banks or consulting companies) to increase trust of the international community to privatization processes in Belarus.

Eight small and medium sized State Owned Enterprises (SOEs) representing different industrial sectors have been identified for the first pilot privatization and assigned to the Agency to privatize -- Minsk Margarine Factory, Konfa, Medlplast, Belgazstroi, Avtomagistral, Construction and Assembly Trust No. 8, Baranovichi Reinforced-Concrete Structures Factory, Belsantechmontazh 2. These enterprises are divided into three groups.
In regard to the Pool of the food industry (OJSC "Minsk Margarine Plant" and OJSC "Konfa") as a Financial Advisor to the Agency acts the consortium “Ernst & Young FLLC”, “Ernst & Young Legal Services” and the law firm “Aleynikov and Partners”. World leading consulting company Ernst & Young together with Alejnikov and partners company supports us in the process from very beginning. The Agency are on the final stage of attracting strategic investors. The selected Strategic Investors for Konfa and Minsk Margarine Plant were invited to negotiations on the terms of the Share Purchase Agreement.
Regarding to the Pool of OJSC "Medplast" and OJSC "Belgazstroi" the Agency hired consortium of the companies such as Mattig Management Partners, Alfa Bank Belarus, Egorov, Puginsky, Afanasiev and Partners. The Agency have completed preparatory phase for privatization including due diligence, valuation in accordance to Belarusian and international standards.

By the end of 2013 the Agency launched the tender process and invited potential investors to submit their expressions of interest regarding to these enterprises. Shortlisted Potential Investors are invited to submit their final investment offers be the end of February 2014. The Agency expect to finalize tender process and sign the Share Purchase Agreement in April 2014.


Regarding the Pool of construction materials and road construction enterprises (OJSC "Avtomagistral”, OJSC "Construction and Assembly Trust No. 8”, OJSC "Baranovichi Reinforced-Concrete Structures Factory”, OJSC "Belsantechmontazh 2”) the Agency hired as Financial Adviser the Consortium of KPMG Tanacsado Kft. (Hungary), KPMG Limited liability company (Belarus), Law offices Raidla Lejins & Norcous (Lithuania), Stepanovski, Papakul and Partners Limited Liability Company (Belarus), Advocates Bureau Stepanovski, Papakul and partners (Belarus). In the 1d quarter 2014 Financial Advisor will conduct due diligence and we expect to launch the sale process through advertisement in international and local media in April 2014.

All potential investors are invited to participate in the oncoming tender. You will find a short information concerning each privatization objects, see below.


For more information please visit:

www.investinbelarus.by
Address:

14/B Bersona st.,

220050 Minsk, Republic of Belarus

375 17 200 81 75



privatization@investinbelarus.by
OJSC “Avtomagistral”

Brief description of the company

In 1961 the Company was established as the Office of maintenance of Moscow-Minsk-Brest Highway (Avtomagistral). In 1974 the Production Office of repair and maintenance of highways of national significance “Avtomagistral” was established, since that moment the company has the possibility to conduct a production activity.

The Company obtains the following strengths:


  • centralization and distribution of labor, production and financial resources;

  • execution of contract works by mobile units;

  • extensive network of technological branches located in regions that have asphalt plants, lines of gravel enhancement and washing, storage tanks for binding substances enable the Company to carry out mobile road work throughout the country;

  • production of the most popular road building materials on their own.



Characteristics

Description

Name of the company/info

Open Joint-Stock Company “Avtomagistral”.

Address: Kizhevatova St., 220099, Minsk.



Main activity

Construction of roads, airfields and sports facilities.

Other activity

Sale of asphalt, bitumen emulsion, provision of road transport services, leasing of facilities, machinery, and equipment.

Personnel

714 employees.

Statutory fund

3 498 773.9 USD

Part of the Government is 98.11%


Financial information

Data

Year

2009

2010

2011

2012

Net assets value, USD thnd

22 919

23 748.5

27 170.45

19 774

Revenue, USD thnd

20 170.1

23 792.14

18 603

13 585

Sales profit, USD thnd

979.6

1 196.4

471.5

705.9

Net profit, USD thnd

183.7

229

37.6

31.5

Sales margins, %

6.1

6.4

3.1

5.2

Receivables, USD thnd

1 883

1 746.1

1 179.3

642.2

Payables, USD thnd

2 748.2

2 535.3

2 757.1

2 556.5

Average wage, USD

373

395.2

415.9

336

Volume of production, USD thnd

18 451.3

20 614

15 656.7

10 945.7

Official Average Exchange Rate USD/BYR

2 792

2 978

4 623

8 336


OJSC “Baranovichi reinforced concrete products plant”

Brief description of the company

The plant of reinforced concrete products was founded in line with the order of the Ministry of construction as of February 10, 1965.



The plant has a quite developed engineering and technical infrastructure: spur tracks for automobile and railway transport, engineering and technical objects for production activities. Raw materials are purchased directly from suppliers located on the territory of the Republic of Belarus. The plant has enough warehouses and tanks for storing raw materials and preparing them for production. The plant has been in the market for more than 47 years of the leading companies in Belarus.

Data

Year

2009

2010

2011

2012

Net assets value, USD thnd

6 717.8

7 330.1

9 677.3

7 510.7

Revenue, USD thnd

22 463.8

28 304.6

33 028.3

36 856.5

Sales profit, USD thnd

761.46

1 345.9

672.7

2 205

Net profit, USD thnd

350.6

486.9

558.5

778.4

Sales margins, %

4.1

5.9

2.3

6

Receivables, USD thnd

617.5

1 083.95

2 184.1

1 437.8

Payables, USD thnd

2 011.46

3 639.7

6 099.7

4 586

Average wage, USD

452.7

559.8

526.7

575.4

Volume of production, USD thnd

18 489.3

21 610.8

28 114.9

31 419.7

Official Average Exchange Rate USD/BYR

2 792

2 978

4 623

8 336

Financial information


Characteristics

Description

Name of the company/info

Open Joint-Stock Company “Baranovichi reinforced concrete products plant”.

Address: 225410 Brest region, Baranovichi, Kirova str., 77. 148 km from Minsk.

Web-site: www.zhelezobeton.by


Main activity

production of reinforced concrete and concrete constructions and products (96% of sales).

Other activity

production of wall blocks, ready-mixed concrete, construction metal products, plaster and cement,

blacksmithing, pressing, stamping, profiling, metal powder.



Personnel

599 employees.

Statutory fund

1 964 643.3 USD

Part of the Government is 99.025%





OJSC “Belsantekhmontazh-2”


Characteristics

Description

Name of the company/info

Open Joint-Stock Company “Belsanteckmontazh-2”.

Address: 15, Brilevskaya St., 220039 Minsk.

Web-site: www.bstm2.by


Main activity

installation, sanitary engineering and ventilation works at the facilities of the industrial, residential, social infrastructure, healthcare and other sectors.

Other activity

main production is gate valves, pipe and ventilation

for construction, also various productions of pipeline fixtures, inflow chambers of flexible air ducts, plastic siphons, filters, adjustable and fixed bar grilles and many other metal structures.



Personnel

1 698 employees.

Statutory fund

2 142 730.2 USD

Part of the Government is 76.95%


Brief description of the company

OJSC Belsantekhmontazh-2 was created by an initiative of the Central Committee of the Communist Party of Belarus and BSSR Council of Ministers November 18, 1958 as an affiliation of the BSSR Ministry of Construction. The Trust incorporated three installation organizations and an industrial facility. Changing a production pattern continuously resulted in the change of the core business and name of the organization.



Currently Open Joint-Stock Company Belsantekhmontazh-2 is one of the largest specialized construction and installation organizations and a leader in the market of sanitary-engineering and ventilation systems.

Financial information

Data

Year

2009

2010

2011

6m2012

Net assets value, USD thnd

14 140.8

17 276.7

20 793

16 912.4

Revenue, USD thnd

68 165.1

82 809.3

77 994.2

66 849.7

Sales profit, USD thnd

3 985

5 532.2

3 723.3

4 391.6

Net profit, USD thnd

2 949.1

4 135.3

2 838.2

2 280

Sales margins, %

5.8

6.7

6.4

6.6

Receivables, USD thnd

7 694.1

10 265.3

10 131.3

8 201

Payables, USD thnd

9 131.5

12 925.8

11 978.8

8 472.6

Average wage, USD

505.4

591.3

543.8

773.4

Official Average Exchange Rate USD/BYR

2 792

2 978

4 623

8 336



OJSC “Construction and mounting trust No. 8”

Brief description of the company

Over 18 years of Open Joint-Stock Company Construction and mounting trust No. 8 operations, the Company has built over 830 km. of public roads, including of national importance. It has built 224 thousands square meters of housing, as well as a number of sites for industrial purpose.

The Company participated in the construction of such major facilities as the highway Brest-Minsk-Russia border (M1/E30), Minsk and Moscow ring roads, the Republican Field for Testing of Automotive Vehicle and Tractors.


Characteristics

Description

Name of the company/info

Open Joint-Stock Company “Construction and mounting trust No. 8”.

Address: 37 Kalvariyskaya str., 220073 Minsk.

Web-site: www.smt8.open.by


Main activity

construction of roads, airfields and sports facilities.

Other activity

production of lumber, steel, asphalt concrete, mortar and concrete.

Personnel

643 employees.

Statutory fund

5 437 693.6 USD

Part of Government is 99.79%


Financial information

Data

Year

2009

2010

2011

2012

Net assets value, USD thnd

16 001.1

17 050.4

19 413.1

15 833

Revenue, USD thnd

28 544

27 506.7

30 902

64 343

Sales profit, USD thnd

137.2

576.2

729.8

4 135

Net profit, USD thnd

50.5

207.2

55.4

2 224

Sales margins, %

0.6

2.6

2.8

8.4

Receivables, USD thnd

1 449.9

1 673.6

1 018.4

7 813

Payables, USD thnd

1 418

2 903.3

2 908.9

8 494

Average wage, USD

490

519.8

497.3

720

Official Average Exchange Rate USD/BYR

2 792

2 978

4 623

8 336




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Implementation of the Pilot Privatization Project

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