19 March 2024, Tuesday, 7:14
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No buyers for Brest Beer

No buyers for Brest Beer

The tender scheduled for July 1 on sale of an equity interest in OAO Brest Beer is declared void because of lack of applications

Pavel Manko, Director of regional Fund for State Property, informed BelTA.

That was the second attempt to flog shares owned by Brest region. The first bidding scheduled for May 5 was also declared void because of absence of applications from investors.

Brest region owns 1 911 557 shares of OAO Brest Beer, or 89.7301% of authorized capital. All block of shares is on sale, an initial price is fixed at Br166 billions 801 million and 500 thousands. According to the tender, within 36 months from the date of contract execution on share sale its winner needs to invest in the OAO development not less than $10 million, as well as to ensure a back pay to the budget. Within three years the new owner must modernize the brewing with an increased production of not less than 8 million decalitres per year.

Besides, within this period the new owner must retain year-end average staff at the level formed as of the date of entering into the agreement, as well as provide a salary not less than the average one in Brest region.

Brest beer and wine plant, later reorganized into OAO Brest Beer, was founded in 1970. By the decision of the Economic Court of Brest region in November 2014 the company recognized economically insolvent (bankrupt). The plan and 18-month term for recovery was approved.

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