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PRIVATIZATION OF SERBIA’S METAL INDUSTRY SECTOR CONTINUES

’’IMT’’ HAS A BUYER




Belgrade, January 16 2008
AGRI INVESTMENTS, Consortium NEVERFIELD LIMITED and POL-MOT WARFAMA S.A. and Consortium HASS-SIP submitted tenders to the Tender Commission, formed for the sale of ’’IMT’’ Novi Beograd. The prices offered for the company itself, as well as the amounts of the investments differ, but only the amount of compensation for employees, based on the Social Program, is identical, and it is minimal, namely, 100 Euro per year of service.

AGRI INVESTMENTS (read: Petar Matic, MPC) offered 76 million Euro for the Company and ’’zero’’ Euro for the investment program. The operating capital of this bidder was 55,411 million Euro in 2006. A considerably higher bid, as the initial price of 109 300 000 Euro was offered by NEVERFIELD LIMITED and POL-MOT WARFAMA S.A. (read: Goran Novakovic, former minister of Energy Supply and Sources), as well as the investments of 13 million Euro which would be allocated in the next three years. The working capital of this Company was 20 948 780 Euro in 2006.

The Consortium HASS-SIP (read: Philip Zepter) offered the highest initial price of 121 101 111 Euro and the investment program worth 10 270 000 Euro, which would also mean successive investments in the next 5 years. The working capital of HASS-SIP was 20 868 046 Euro in 2006.

The fact that offered prices are within estimates is encouraging, but the minimum Social Program is unsatisfactory and therefore, the representative unions have to make efforts, in direct negotiations, in order to provide higher amount of funds for employee compensation per years of service.

 
     
 
 
 
 
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