NEWS
MAZ transformation into joint-stock company gets underway
The process of transforming the Minsk Automobile Works (MAZ trademark) into a joint-stock company got underway, First Vice-Premier of Belarus Vladimir Semashko said at a session of the union of non-profit companies “Confederation of Manufacturers and Entrepreneurs (Employers)” on July 10.
“We are soon to start transformation of large companies into joint-stock companies. They will be transformed in the near future,” he said. In this respect, Vladimir Semashko noted that “the government orders to start the process at one of such companies – MAZ”.
A civilized approach is applied to this issue, Vladimir Semashko said. “We restrained privatization before, we did not sell out our companies as it happened in the neighboring countries,” he added.
The First Vice-Premier reminded the session that some five years ago a foreign investor offered something about $50 million for Belshina’s controlling stake. “Today, the sum exceeds $1 billion. That is absolutely different money. It is lucrative for the state and the company itself, the sale of shares is a good resource of investments for the company’s development,” Vladimir Semashko stated.
The Minsk Automobile Plant invested $380 million and will make 26,000 trucks in 2008. By 2014 MAZ needs to put another $1 billion to double production to 50,000 vehicles.
The First Vice-Premier cited as an example Russia’s KamAZ which plans to make 60,000 in 2008 while four years ago the output was as little as 5,000 trucks. “To be a serious player on the automobile market MAZ needs to build up production to 80,000 trucks. We are going to set such a target before the Minsk Automobile Plant,” Vladimir Semashko said.
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