OREANDA-NEWS. Large food companies from seven countries have shown an interest in becoming strategic investors for OJSC Konfa confectionery (Molodechno, Minsk Region) and Minsk Margarine Plant, reads a press-release of the National Agency for Investment and Privatization (NAIP).

More than 10 strategic investors from Lithuania, Norway, Malaysia, Poland, Russia, Ukraine and also from Belarus have shown an interest in purchasing state-owned stakes in OJSC Konfa confectionery and OJSC Minsk Margarine Plant, the NAIP said in a release. At the moment, the NAIP is analysing bids to make a shortlist of potential investors.

Without disclosing the names of companies, the NAIP informed that the average annual turnover of bidders exceeds USD 20 million. Some of the applicants declared annual proceeds of more than USD 1 billion.

The shortlist will be ready by the end of April. Shortlisted candidates will receive full information about OJSC Konfa confectionery and OJSC Minsk Margarine Plant, and have the opportunity to have personal meetings with the top managers of both Belarusian enterprises.

As previously reported, the NAIP prolonged the application term for potential investors willing to purchase a stake in Konfa and Minsk Margarine Plant till April 19.

Konfa is ready to offer investors a 50.07% stake, while Minsk Margarine Plant offers a 93.8% stake.

The NAIP in association with a team of financial advisors (Ernst & Young, Aleinikov & Partners Law Firm) completed preparations for attracting strategic investors to OJSC Konfa confectionery and Minsk Margarine Plant.

The basic minimum requirements for potential investors: a three-year experience in asset management in the food industry; the investor’s average annual turnover should be over USD 20 million (for margarine bidders), or over USD 7 million (for Konfa bidders).

In June 2013 shortlisted investors will have to submit investment offers. After a thorough analysis, an interdepartmental commission will choose bids, which are best for Konfa and Minsk Margarine Plant.

Belarus’ National Agency for Investment and Privatization is busy implementing a pilot project in association with the World Bank to attract strategic investors for eight enterprises, including Minsk Margarine Plant and Konfa.

Established in 1951, Minsk Margarine Plant was converted into a joint stock company in 1993. The company produces over 80 titles of margarine, mayonnaise and vegetable oil.

Established in 1954, Konfa confectionery manufactures spice cakes, biscuits, waffles, marshmallow, other confectionery goods.