OREANDA-NEWS. December 12, 2012. The Economy Ministry of Belarus has signed an agreement with a consortium of three companies led by Ernst & Young to receive advisory assistance in the framework of Belarus’ pilot privatization project.

The agreement was signed on November 16 in the framework of the 7th investment forum in Minsk, the National Agency for Investments and Privatization (NAIP) said in a release.

Ernst & Young, Ernst & Young Legal Services and Argument Legal Group formed a consortium to provide advisory assistance to Belarus’ government in choosing strategic investors to OJSC Minsk Margarine Plant and the Molodechno-based confectionery factory Konfa.

Under the contract, the consortium will use the services of E&Y experts based in Russia, Ukraine, Poland, and Lithuania.

The team of experts will be led by Davron Rustamkulov, Ernst & Young CIS B.V. Partner, who has many years of experience of working on such projects in Kazakhstan, Tajikistan, and Azerbaijan.

As previously reported, the National Agency for Investments and Privatization (NAIP) is choosing financial advisors to assist in implementing a pilot privatization project in association with the World Bank to sell state-owned stakes in eight enterprises.

The NAIP had planned to choose the first company by the middle of August to assist in implementing a privatization project in association with the World Bank.

Back then Belarus as supposed to choose from 13 short-listed candidates.

In the framework of the first pilot privatization project, Belarus’ government still has plans to sell state-owned stakes in eight enterprises grouped into three pools: Belgazstroi, Minsk Margarine Factory, Avtomagistral, Building and Installation Group No.8, Baranovichi Concrete-Steel Construction Plant, Medplant, Konfa, Belsantekhmontazh-2.

A financial advisor provides all-round assistance in preparation of the company for privatization, market analysis, preparation of legal documents for transactions, holding share sales.