Belarussian firms prepare to launch their IPO's on WSE

"The first IPOs could be launched as early as next year," says Andrej Dereh of Uniter, a Minsk-based consultancy, adding, "These are well-known companies from finance, manufacturing and financial-services sectors." These plans have the official backing of Belarussian authorities. "A number of both state-owned and private companies from Belarus are considering IPO's in Warsaw. This will benefit not just their growth, but also Polish-Belarussian economic ties generally," says Dmitrij Wybornyj, a spokesperson for the Belarussian embassy in Warsaw. Lidia Adamska, member of the WSE executive board, confirms the WSE will open official talks with Belarussian authorities later this year. Why the WSE?  Its main advantages for Belarussian firms are geographical proximity and lower listing costs than in Western Europe. Also, says Dereh, "A listing on the WSE will not only help Belarussian companies to attract Western capital and improve their credit ratings, but it will also open the door to Western markets for these firms." Belarussian manufacturing companies, which account for 26% of the country's GDP, may be an especially interesting bet for Polish investors. (Dziennik, Wall Street Journal Polska, p. 12) R.M.