Updated at 11:30,08-12-2016

MAZ ceased existing

AAT Minsk Automobile Plant (MAZ) has been converted into a holding company named BielautaMAZ (BelaautoMAZ), said the MAZ press office on Monday, BelaPAN reports.

The newly established holding encompassed seven Belarusian heavy industry enterprises.

Previously, Belarusian President Aliaksandr Lukashenka ordered government to create large-scale holdings based on Belarusian enterprises in order to extract higher revenue in case of privatization.

"Why not make them [Belarusian state-owned enterprises — ed] be as profitable as private enterprises are? Then there will be no concern we may be somehow mistaken. We will establish an enterprise and — if there is a demand — will sell it. However, it will be a powerful company and we will sell it not for proposed $1.5mln or $5mln, but for $500 mln," said the President on February 24, 2012.