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Shares of Open Joint-Stock Company “Stroytekhprogress OAO" will be unlocked: Purchaser – the Scientific Production Limited Liability Company OKB TSP had complied with its obligations under the sale and purchase agreement

The corresponding decision was passed today at a board meeting of the State Committee on Property of the Republic of Belarus, the meeting was attended by representatives of the Ministry of Architecture, the Scientific Production Limited Liability Company OKB TSP (SPLLC OKB TSP) and Open Joint-Stock Company “Stroytekhprogress OAO" (JSC “Stroytekhprogress OAO").

The share sale and purchase agreement between the Purchaser (SPLLC OKB TSP) and the Seller (the State Committee on Property of the Republic of Belarus)  was concluded on 19 October  2015 in accordance with the Order of the President of the Republic of Belarus dated 23 September  2015. Totally 1 551 072 shares of JSC “Stroytekhprogress OAO", owned by the Republic of Belarus, have been sold. The selling price was indicated by reference to the largest market and book value of shares and it amounted to 13 910 billion BYN. (in the currency of 2000 year). The shares were transferred to the Purchaser on 9 November 2015, without the right to dispose of shares until the moment those obligations will be executed in full.

The Scientific Production Limited Liability Company OKB TSP has made commitments to deposit no less than 30 billion BYN (money of the 2000 pattern) into “Stroytekhprogress OAO” statutory fund within nine months from the date of the conclusion of the agreement, and when the last part of means will be deposited, they will be used to finance investments into JSC “Stroytekhprogress OAO” fixed capital (in the amount of at least 10 billion BYN in money of the 2000 pattern), and to replenish the company's own circulating assets (in the remaining amount) during one year. However, as it was sounded at the meeting, the investor provided implementation of all terms of the share sale and purchase agreement and the investor also exceeded the obligations under financing for investments in fixed assets in more than three times, taking into account needs of JSC “Stroytekhprogress OAO” for the new high-precision equipment.

In addition, if we compare the indicators of 2016 and 2014, when SPLLC OKB TSP purchased state-owned shares, JSC “Stroytekhprogress OAO” increased its revenues by 2.5 times and exports by almost 60 times, tax payments into the budget increased by 4 times, and wages grew by 150% of the fee. Thus, the investor successfully fulfilled a number of obligations under the agreement: the preservation of the number of jobs and medical insurance of employees for two years, as well as ensuring a faster growth of revenue in relative to the growth of wages.
Currently, the financial and economic indicators of JSC “Stroytekhprogress OAO” have a tendency to steady growth. At the same time, orders owned by shareholders in companies are steadily declining in the overall volume of orders of JSC “Stroytekhprogress OAO”. A significant share of revenue is concentrated on the mechanical engineering. The significant projects are the supply of parts for automotive assembly lines (for Mercedes person vehicles), the manufacture of electrical cabinets for charging stations for electric vehicles. JSC “Stroytekhprogress OAO” also cooperates with a number of domestic and foreign research institutes in the instrument-making industry. As before, a significant share of revenue is concentrated on the construction sector, as well as machine-tool construction.

SPLLC OKB TSP fully reported on the fulfillment of all obligations under the contract. The purchaser’s reports on the fulfillment of obligations under the share sale and purchase agreement of JSC “Stroytekhprogress OAO”, which was previously certified  and sealed by the Ministry of Architecture and Construction, were presented to the State Committee on Property in March and June 2016, and also in November of this year. According to information which was presented at the meeting, the Board of the State Committee on Property of the Republic of Belarus, agreed with the proper performance of SPLLC OKB TSP obligations under the contract.

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