NEWS
     
 

‘’MINEL ELVO’’ SEARCHING FOR CAPITAL REPRESENTATIVE

A DIFFICULT NEW START




Belgrade, February 11 2008
The terminated Purchase and Sales Contract between the Privatization Agency and Dusimir Zabunovic, former majority owner of ‘’Minel Elvo’’, is the beginning of activities that should have, as the ultimate result, the appointing of capital representative by the Shareholders Fund, constituting the Company’s Management and commencement of ‘’Minel Elvo’’ operations. During the action that lasted for 3 months, employees got a considerable support from Trade Union and Mr. Slobodan Lalovic, adviser to Mr. Vojislav Kostunica, Prime Minister, which for trade unions and employees considered as a possible and good solution for appointing capital representative in ‘’Minel Elvo’’ by the Shareholders Fund.

During the talks to employees, Mr. Lalovic stressed his viewpoint of the current situation, as well as a proposal of measures necessary for the recovery of ‘’Minel Elvo’’. A good production program and highly skilled manpower are not sufficient for ‘’Minel Elvo’’ recovery, but a financial support would be welcome. Also, a support is expected from the government institutions in order to preserve one of the most successful metal industry companies and that employees get secure and prosperous jobs. A few more days have to pass, so that the situation in ‘’Minel Elvo’’ would be clearly perceived, and then Mr. Lalovic’s final statement on accepting a very difficult and complicated task would follow.

 
     
 
 
 
 
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