OREANDA-NEWS. August 15, 2011. The initial public offering of a minority package of OJSC Belaruskali shares can take about two years, Belaruskali’s director general Valery Kiriyenko told a session of the trade unions committee of the Belarusian Chemical Industry Trade Union.

A press release of the Federation of Trade Unions of Belarus quoted Kiriyenko as saying that a lengthy preparation period of about two years was required to put a package of shares, for instance, 10-15%, up for sale at a European stock exchange.

The director general also expressed his view on the possible privatization of the company. He said that the capitalist economic system seems to be the most effective one despite all the drawbacks. Belaruskali would only benefit if a major respectable investor comes around, Kiriyenko said.

Reporters earlier quoted First Vice Premier of Belarus Vladimir Semashko as saying that Belarus will IPO a minority stake in Belaruskali, 10%-15% of the shares. The government was looking for a company to carry out the IPO.

The state-owned Belarusian company OJSC Belaruskali is one of the world’s largest potash manufacturers, employing about 20,000 personnel. It operates the Starobinskoye potash salts deposit and comprises four mine groups, auxiliary shops and support units.