(BelTA) – An open tender to sell 25% of shares of the brewery Krinitsa will be held in Q1 2013, Chairman of Belgospishcheprom Concern Alexander Zabello told reporters on 5 February, BelTA has learnt.

He informed that several Belarusian and foreign investors showed their interest in the stake. “The bidder that fully complies with the terms of the tender and offers the best price will be announced winner,” Alexander Zabello said.

Krinitsa is the biggest domestic beer producer. However, the company’s capacities are not used in full at present. The brewery is capable of making up to 24 million decaliters of beer per year, but it makes only 15-16 million decaliters now.

“More than that, about $80 million was invested in Krinitsa. Taking into consideration the increasing interest rate on the loan, Krinitsa loses to its competitors in terms of prices and it cannot afford a marketing budget like the one that its domestic and foreign rivals have. This pertains, first and foremost, to Russian and Ukrainian companies,” Alexander Zabello said. Therefore, he added, a decision was made to sell a part of the shares. The company needs the money to repay investment loans.

The Chairman of Belgospishcheprom Concern noted that the complete privatization of Krinitsa is not on the agenda yet. The company will offer only 25% plus one share now. “If a good investor gets interested, the remaining part of the shares might be put on sale,” he added.

Krinitsa was set up in 1975 and reincorporated as a joint stock venture in 2001. It is Belarus’ biggest beer producer that holds over 20% of the Belarusian brewery market.