MOLDOVA: Government to sell winery stake

By | 18 December 2006

The Moldovan government is looking to sell its stake in local winery Vinuri Ialoveni.

The country's privatisation agency said on Friday (15 December) that the Moldovan government intends to put its 60% holding in Ialoveni on the block in the next two weeks. The agency noted that the deadline for submitting offers will be 29 December.

The Moldovan government has also said that potential buyers of the stake, which is made up of 403,188 shares, would need to invest in the winery's development, repay its debts and create new jobs.

Moldova's wine industry had had a tough year, following Russia's boycott of wine imports from the country. The country accused Moldova's wineries of using pesticides. Moldova, however, claimed that the decision was more in support of Trans-Dniester, a breakaway Moldovan province that wants closer ties with Moscow.

The impasse came to an end late last month, however, when the two countries agreed on which pest control chemicals can be used on Moldova's wine grapes.

Sectors: Wine

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