Russian EnergoInvest to become co-founder in Novopolotskzhelezobeton

VITEBSK, 9 December (BelTA) – The agreement on setting up an open joint-stock company Novopolotskzhelezobeton was signed by the Vitebsk Oblast Territorial State Property Fund and the Russian company EnergoInvest on 9 December, BelTA has learned. The national unitary enterprise Novopolotskzhelezobeton will be converted into an open joint-stock company. An authorized fund of Br60.033 million will be established. It will be divided into 300,165 ordinary shares with the face value of Br200,000 each. The share of the Vitebsk Oblast Territorial State Property Fund will be 49% (Br29,416 million), that of EnergoInvest 51% (Br110.133 million). The Russian investor will modernize the existing production facility, will install equipment to make reinforced concrete slabs for home construction, finish building a compact cogeneration plant, preserve the personnel and jobs, keep the enterprise’s business profile unchanged. The agreement was signed via direct talks because the tender to choose another founder of the new company in addition to the state had failed because only one application had been submitted. EnergoInvest Director General Alexander Shpundet told BelTA, the investor has already developed a business plan for 2011-2012. The plan provides for modernizing the production facilities, increasing the output of reinforced concrete towers for power lines, finishing the construction of a compact cogeneration plant. As result, the company will increase proceeds from sales from Br44.6 billion in 2010 to Br176.5 billion by the end of 2012. The share of export will increase from 12.5% to 40% in 2013. The project will increase taxes paid to the Belarusian state budget by 30%. Alexander Shpundet said in the future Novopolotskzhelezobeton may be used for innovative projects. The first one will be the production of permanent shuttering based on glass magnesite boards. The business may expand into the construction of homes in addition to manufacturing construction materials. According to the source, at present Belarus has a favorable business climate. “Deals in Belarus are clean: the buyer gets full information about the financial and economic status of the enterprise. Actions taken by the authorities are clear and understandable,” stressed Alexander Shpundet. Director of the enterprise Novopolotskzhelezobeton Valery Rabets remarked that the arrival of the investor will allow the company to advance to a higher development level, to renew production facilities and penetrate Russian markets. In his words, EnergoInvest is a reliable partner: business contacts for the construction of panel frame houses in Moscow Oblast have been established. The Belarusian enterprise Novopolotskzhelezobeton was founded in 1959. It specializes in manufacturing 1,500 titles of precast reinforced concrete products. Some of them have CE labels. In January-October 2011 the enterprise achieved profitable operation. The Russian company OOO EnergoInvest was registered in Moscow in 2008. It specializes in developing and assimilating energy-saving technologies in civil engineering, has taken part in setting up an industry of panel frame housing manufacturing. This year eight state-run enterprises are supposed to be converted into joint-stock companies. Three of them have been converted already, including BelVitUnipharm that has been converted with involvement of a foreign investor. Over the last four years four enterprises have been reincorporated as joint-stock companies with involvement of foreign investors.

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