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The Austrian company " АТЕС Holding Gmbh " in 2007-2011 will buy shares of MOTOVELO for 15,6 billion BR.

logo Motovelo © © OJSC Motovelo

© © OJSC Motovelo

01.08.2007

In compliance with the president’s decree № 354 from the 26 th of July 2007 t he Austrian company " АТЕС Holding Gmbh " in 2007-2011 will buy shares of MOTOVELO for 15,6 billion BR (5,4 mio. euro).

According to a representative of the MOTOVELO supervisory board the Austrian company will obtain the whole state stock - 99,7%. 0,3% of the shares belong to natural persons. ATEC will settle the cost of the shares starting from the 1.01.2008 annually in equal parts of 3.1 billion BR (1,1 mio. euro).

The Austrian company will also pay off all the debts of MOTOVELO and will invest at least 20 mio. USD during the period of 2008- 2012. In addition ATEC is bound to conserve the specialization of MOTOVELO and its trademark.

In case if these obligations will not be fulfilled ATEC will reimburse to the state budget the difference between the market price of the shares on the moment of the purchase and their nominal price.

Minsk bicycle and motorcycle plant was privatized in 1999. 100% of its stock belonged to the personnel of the company. OJSC Motovelo produces bicycles, motorcycles, trailers, exercise bicycles, wheelchairs. In spite of the successful promotion of the company’s products in Russian and in several Asian countries, Motovelo has been lately pushed off of the Asian market by the Chinese competitors. In 2006 the debts of the company to the state budget were restructured against the transfer of 99,7% of the shares to the state.

ATEC company owes a Belarusian-Austrian joint-venture “Elizovo glass plant Ltd” – the leading Belarusian glass and bottle company. In Belarus ATEC is also involved in setting up a new plant in Smolevichi for producing high-quality float glass and intends to invest in the construction of a soda ash plant near Mozyr ( Gomel region).

Source: BelaPAN

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