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Authorities Take Possession Of Shares Of Woodworking Enterprises

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Authorities Take Possession Of Shares Of Woodworking Enterprises

The government share is to be increased in authorized funds of a number of woodworking enterprises of Belarus.

It has been stated by the resolution of the Council of Ministers as of May 16, 2016, BelTA reports.

According to the resolution, the share of the state in the authorized fund of Borisovdrev OAO is to be increased by 30,175 shares, Vitebskdrev OAO – by 585 937 shares, Gomeldrev OAO -by 2,105,793,186 shares, Rechitsadrev OAO - by 2, 261, 133 shares, FanDOK OAO – by 67, 801, 864 shares, Ivatsevichydrev OAO - by 5,997 shares.

The share of the state is to be increased also in authorized funds of Svetlahorsk cardboard mill and the management company of Belorusskie oboi holding – by 2,166,603,434 and 1,168,787 shares respectively.

The government stake in the authorized funds of these open joint stock companies is increased according to the amount of the state aid granted to them from the state budget in 2015.

The State Committee on Property and the Belarusian manufacturing and trade concern of woodwork and timber, pulp and paper industry together with the Finance Ministry are ordered to solve issues related to transfer of the ownership of the OAO shares, issued under the resolution, to the Republic of Belarus, within a three month period. The document comes into effect since the day of its adoption.

It is a standing practice that the state could increase its stake in the enterprises of Belarus. For example, in 2012 the government stake in Kommunarka and Spartak confectionery factories increased. In 2013 the share of the state in Minsk holding Obuv – Luch increased from 0.018% to 5.4% shares.

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