Belarus is set to sell its state-controlled grain producer, Vuznes, to a private company, the Belarusian state oil company said on Thursday, after the company announced plans to sell the assets to a consortium of foreign investors.
The decision came after the government announced plans on Wednesday to sell Vuznea, which is a producer of grain and other agricultural products, to its largest shareholders, a group of investors led by the US-based private equity firm Carlyle Group.
The company said it would also sell other grain products including grain sorghum, grain and wheat products to the consortium of investors. “
The current state of affairs is not good for the business and its employees and the company decided to take the decision to save the company,” it said.
The company said it would also sell other grain products including grain sorghum, grain and wheat products to the consortium of investors.
The announcement came as Belarusians celebrated the 90th anniversary of the country’s independence on Thursday with a traditional mass marking the occasion.
Ahead of the anniversary, the government said it was in talks with the foreign investors to determine the value of Vuznaas assets and the terms for the sale.
The government, which has been trying to revive the struggling grain industry after a steep decline in prices last year, has promised to increase spending on the grain industry.