Sales of shares not a foregone conclusion

Minsk Automobile Works considers establishing a holding with Russian KamAZ

By Lilia Krapivina 

“We need to find a strategic partner and are negotiating with KamAZ. However, we are not selling shares,” stresses MAZ JSC General Director Alexander Borovsky. MAZ has been invited by Russian Rostechnologies to set up a holding with Russian KamAZ, with each holding a 48 percent share. The sides have already met to discuss the topic. “However, we have no intention of parting with our controlling stock within this holding. The latter would comprise some BelavtoMAZ factories, alongside Russia’s Yaroslavl-based Autodiesel JSC and some other enterprises,” explains Mr. Borovsky. A working group has been set up for the further discussion of the holding’s feasibility.

Experts believe MAZ should unite with large global companies to take a more active share of the world’s automobile market. It has already approached some European companies, without any firm outcome, so is now reviewing co-operation with Russian KamAZ. Mr. Borovsky stresses that the establishment of a holding presupposes no sale of shares. “We are discussing how best to act to bring benefits to both sides. MAZ aims for the most profitable option in finding a strategic partner,” he adds. The Belarusian plant is also negotiating with Russian GAZ.

Mr. Borovsky tells us that his plant recently spoke to Venezuela as a potential MAZ share holder; the plant is currently setting up an assembly facility for vehicles in Venezuela. “We’re negotiating the purchase of shares as well,” notes Mr. Borovsky. “If we join the holding with a 48 percent share, we’ll receive $200-300m for our shares in Venezuela.” The plant plans to use this money for technical modernisation.

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