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BelAZ Truck to hold first Belarusian IPO

Steel News - Published on Sat, 07 Apr 2012

RIA Novosti cited Mr Pyotr Parkhomchik General Director of Belarusian truck maker Belarusian Autoworks as saying that the company is to hold an initial public offering, the first time a Belarusian enterprise has gone to the markets.

He said that \"A working group to prepare the enterprise for the IPO has been established in BelAZ. The company is going to transfer accounting to international financial reporting standards for that purpose.\"

Mr Vladimir Semashko Belarusian First Deputy Prime Minister said in late February that The Company is likely to start contacts with foreign banks to conduct the IPO by the end of 2012.

BelAZ had planned last year to trade on the Frankfurt Stock Exchange in cooperation with Deustche Bank, but the bank later pulled out of the project and curtailed its cooperation with Belarus.

Mr Vladimir Bespalov VTB Capital analyst said \"BelAZ will be the first Belarusian Company to hold an offering. Mr Lukashenko also said some time ago that BelAZ will be the first company which Belarus will try to sell on the international markets.\"

He said Minsk would face difficulties selling the company shares as \"Belarus values its assets rather highly and this is a big problem if investors want to pay the proposed price with Belarusian risk.\"

BelAZ says it will provide future investors with full information to promote the company\'s stock on foreign markets.

Source - RIA Novosti


Posted By : admin on Sat, 07 Apr 2012
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