OREANDA-NEWS. Belarus is due to sell a 83.8% state-owned stake in OAO Baranovichidrev (54,174 shares with a face value of Br1,600 - USD 0.15) worth a total of Br86.678 million (USD 8,063) to EcoDoria Ltd joint venture, in accordance with ordinance #525 issued by the President of Belarus.

The document says that the investor is supposed to pay off OAO Baranovichidrev's accounts payable in the amount of Br15 billion (USD 1.4 million) by April 15, 2015 and invest in production development at OAO Baranovichidrev at least €8.6 million by December 31, 2017.

Besides, by December 31, 2017 the investor is supposed to install high-tech wood processing equipment at OAO Baranovichidrev and start producing timber materials, interior doors from solid wood and medium-density chipboard, fuel granules.

The investor is also supposed to preserve the existing number of jobs at Baranovichidrev and make sure the average salary does not go below the present-day level.

As previously reported, the investor - EcoDoria Ltd - is already working at Baranovichidrev, installing modern equipment to produce export-oriented products, including prefabricated panel homes and furniture facades. In fact, the products are already exported.

Established as a woodworking company in 1946, Baranovichidrev was converted into an open joint stock company in 2004. OAO Baranovichidrev and relies on the Swedish investor for production upgrade.

The company currently manufactures wooden window and door frames, panel-type doors and window blocks. Baranovichidrev occupies a territory of 15 ha.