Sale of shares of BelAZ is postponed

• 4.07.2012, 15:28

The preparation for the initial public offering of BelAZ has slowed down.

Chairman of the State Property Committee Georgy Kuznetsov told reporters about it during the meeting of the Struve Arc Coordinating Committee on 4 July, BelTA has learnt.

In his words, this can be partially attributed to political events in the European Union that have an impact on Deutsche Bank. He added that any state-run company can go private in Belarus if investors are interested and the head of state does not mind.

A reminder, BelAZ considered Deutsche Bank as the underwriter of its IPO. However, it is not finalized yet where and when the IPO will take place. The company seeks to choose an underwriter that will raise the greatest number of investors and financial resources.

To hold the IPO, BelAZ will have to switch to international accounting standards.

IPO (initial public offering) is the first sale of a company’s stock to the public.