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The Government of the Republic of Serbia

In the service of citizens

Serbia’s privatisation to be completed in the beginning of 2007

Belgrade, 1 September 2005

Serbian Minister of Economy Predrag Bubalo said that Serbia’s privatisation of socially-owned capital will be completed towards the end of next year and the beginning of 2007.

Bubalo pointed out at the Serbian parliament’s Privatisation Committee session that a substantial acceleration of the privatisation process is anticipated during September, and in the first half of 2006.

He said that the Serbian Privatisation Agency has sold 297 companies in public auctions in seven months, out of the 300 planned for one year, and added that the anticipated number has risen to 360 companies, but that about 400 companies, according to all projections, will be sold by the end of the year.

The Minister said that about 30 companies will be sold in an invitation for bids this year, and assessed that the this year’s financial results are much better than those of last year.

Speaking about the Serbian Privatisation Agency’s work, Bubalo said that its work should be measured by the number of prepared and organised auctions and invitations for bids, considering that 99 percent of the agency’s work is done before a company goes through an invitation for bids or an auction, and not by the number of privatised companies, since the sale of companies does not depend on the agency.

The Minister also said that both the Ministry of Economy and the Serbian Privatisation Agency are working to halve the number of companies that will go bankrupt.