Belarus’ Asset Management Agency to issue shares worth Br1.852bn to support agribusiness – ordinance

<p> MINSK, May 18 - PrimePress. The Belarusian Asset Management Agency will issue additional shares in the amount of up to Br1.852 billion ($757.093 million at the exchange rate of the National Bank of Belarus) to improve the financial standing of some grain processing companies (Gomeloblagroservice OJSC, Minskoblagroservice OJSC and Agromashservice Holding Management Company OJSC), as per presidential ordinance No.166 of May 14, 2020 posted on the National Legal Internet Portal on May 16. </p> <p>   </p> <p> In accordance with the ordinance, this amount will be generated fr om a contribution of the Ministry of Finance of Belarus to the authorized fund of the Asset Management Agency in the amount of up to Br1.295 billion ($529.392 million) transferred fr om the republican budget and contributions of regional budgets in the amount of up to Br557 million ($227.7 million) to be transferred before July 1, 2020. </p> <p>   </p> <p> The Vitebsk Oblast Executive Committee is to transfer up to Br28 million ($11.446 million), Gomel Oblast Executive Committee – up to Br52 million ($21.258 million), Minsk Oblast Executive Committee – up to Br228 million ($93.206 million), Mogilev Oblast Executive Committee – up to Br249 million ($101.79 million). </p> <p>   </p> <p> The shares will be transferred into ownership of the Republic of Belarus and line administrative-territorial entities without subscription on or before the business day that follows the day of state registration of the additional issue. </p> <p>   </p> <p> On the day of receipt of the funds contributed to its authorized fund, the Agency will pay of debts by transferring the full amount of funds to the republican and regional budgets. </p> <p>   </p> <p> By June 1, 2020, the government of Belarus is to list the organizations wh ere the state holds 50% of shares or over, which have arrears in payments to the budget, indicating the amount of arrears and the amount of additional issues of shares of joint stock companies. The government will also list the organizations wh ere the state-own stakes are below 50%, which will issue bonds in the amount of their debts. The total debt should not be over Br1.295 billion ($529.392 million). </p> <p>   </p> <p> Similar lists will be made by the local administrations before June 1, 2020. The total debt of such enterprises should not exceed Br557 million ($227.7 million). </p> <p>   </p> <p> Interest and penalties indicated in the lists are not accrued and are not collected since January 1, 2020. Organizations on the lists must transfer funds to their special accounts with banks in Belarusian rubles in 2025–2029 on a monthly basis. </p> <p>   </p> <p> If these organizations did not acquire shares of the Asset Management Agency or did not redeem the bonds before January 1, 2030, the decision on the disposal of shares or bonds will be made by the president of Belarus. </p> <p>   </p> <p> The ordinance came into force after its official publication. </p> <p>   </p> <p> Asset Management Agency OJSC was founded by the State Property Committee of Belarus (57.5964% share in the authorized capital) and the oblast executive committees (42.4036%) on August 3, 2016. The agency is a special financial institution that deals with loans and borrowings to facilitate the financial recovery of agricultural organizations through deep restructuring of their credit debts and reducing the financial burden on them. End (Br2.4462/$1) </p>

2020-05-19

Primepress