The government has failed to find a buyer for a stake in state-owned chemical company Hrodna Azot through a bidding contest.
Scheduled for July 29, the contest had to be cancelled because no bids had been received, according to the press office of the State Property Committee.
This past May, the State Property Committee invited bids for 1,629,515 shares, or 25 percent plus one share, with the stake's minimum price set at $414 million.
The buyer would also be required by the government to contribute no less than $440 million to the company's authorized capital through purchases of additional shares. However, the buyer would not be allowed to buy more than 50 percent plus one share and would be required to spend the money on the modernization of the company's production faculties.
The buyer would also be banned from reducing employees' wages and their social benefits for the five years following the purchase of the stake.
Speaking in May, Deputy Prime Minister Uladzimir Syamashka said that four Russian companies had expressed an interest in buying the stake. He said that the companies were oil company Rosneft, fertilizer maker Eurochem, natural gas giant Gazprom and a company based in the Urals region.
