Commentary to Decree No. 525 “On implementing the investment project at OAO Baranovichidrev”

    On 13 November President of the Republic of Belarus Aleksandr Lukashenko signed Decree No. 525 “On implementing the investment project at OAO Baranovichidrev”.

    The document envisages the sale of a stock of 54,174 shares (83.8%) of OAO Baranovichidrev which belong to the Republic of Belarus to the company EcoDoriya (the Republic of Belarus). The nominal cost of one share is Br1,600; the cost of the stock of shares makes up Br86.678,400 million.

    The investor shall redeem the loan payable of OAO Baranovichidrev to the tune of over Br15 billion by 31 December 2017 and invest at least €8.6 million in OAO Baranovichidrev. Apart from that, the investor shall launch the production of timber, interior doors, medium density fiberboard, wood fuel pellets by 31 December 2017 with the installation of hi-tech wood processing equipment. The company also has to preserve the existing number of jobs and the salaries of workers equal to the nominal average salary in the Republic of Belarus at OAO Baranovichidrev by 31 December 2018.

    The decree will help restore the operation of the company, preserve jobs and launch the production of new export oriented woodworking products.