BELARUS: Government offers Baltika Krynitsa in three stages
According to internal press reports, the Belarussian government has taken one step further in bringing to an end the dispute over the sale of its Minsk-based Krynitsa brewery to Baltika.
The government has apparently now sent a draft investment agreement to Baltika, which will see the state hand over to a 50% plus one share to Baltika in Krynitsa in three stages. The first stage will see Baltika receive a 30% stake in return for US$11.15m as a long-term credit and $13.35m as payment for an additional share issue by the Minsk brewery.
Baltika will then see its holding raised to 37.9%, with total investments in the brewery reaching about $50m.
The final stage will only be completed only after the brewery attains its design capacity. The Belarussian government will have 25% in Krynitsa.
Under the terms of the investment agreement Baltika will also have to lend the Belarussian farm sector $2m annually for the next three years, increasing to $5m annually after 2005, the local press reported.
Companies: Baltic Beverages Holding
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