Q:
A:
Serbia to raise €30 million in privatisation revenues by end-July
Belgrade,
7 July 2004
Serbian Privatisation Agency Director Branko Pavlovic said that the state will cash €30 million in sell-off receipts by the end of the month, adding that the government will launch 24 tenders and sell a further 400 socially-owned companies at public auctions by the end of the year.
Branko Pavlovic
Pavlovic said that the agency has prepared a sell-off strategy which calls for combining equity held by the share fund and small shareholders to privatise two thirds of state-owned capital in Vrbas-based Vital, Soko Stark from Belgrade and Knjaz Milos from Arandjelovac, adding that Nestle, Siemens, Rauch and Danone have expressed interest in acquiring Serbian firms.
He also noted that the agency has informed the Serbian Ministry of Interior of possible abuses in the privatisation process so far. The agency is also due to scrap several sell-off deals for buyers’ non-compliance with privatisation agreement provisions, Pavlovic went on to say, adding that there is growing evidence to suggest that sugar plant sell-off agreements should be cancelled as well.
Tender sales lost momentum in the first half of the year, with only seven firms going private via tenders, said Pavlovic, blaming the former agency management for the slow procedure for appointing financial advisors.
According to him, agency officials met with representatives of the World Bank earlier this week to discuss ways to improve communication, the agency’s plans for 2004 and the work of advisors.
Pavlovic said that a meeting with Itzhak Goldberg also touched on the privatisation of Sever from Subotica, noting that the agency and the World Bank official had different positions on whether to cancel Sever’s tender.
He also noted that the agency has informed the Serbian Ministry of Interior of possible abuses in the privatisation process so far. The agency is also due to scrap several sell-off deals for buyers’ non-compliance with privatisation agreement provisions, Pavlovic went on to say, adding that there is growing evidence to suggest that sugar plant sell-off agreements should be cancelled as well.
Tender sales lost momentum in the first half of the year, with only seven firms going private via tenders, said Pavlovic, blaming the former agency management for the slow procedure for appointing financial advisors.
According to him, agency officials met with representatives of the World Bank earlier this week to discuss ways to improve communication, the agency’s plans for 2004 and the work of advisors.
Pavlovic said that a meeting with Itzhak Goldberg also touched on the privatisation of Sever from Subotica, noting that the agency and the World Bank official had different positions on whether to cancel Sever’s tender.
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