Q:
A:
Request by company A-Tec for extension of deadline
4 April 2008
Belgrade, April 4, 2008 –The Serbian Privatisation Agency stated today that if the first-ranked bidder at the tender for purchase of mining and metallurgical complex RTB Bor, consortium A-TEC Minerals & Metals holding GmbH, A-TEC Industries AG and Montanwerke Brixleg AG does not pay the rest of the purchase price by midnight, the contract of sale will be terminated.
Instead of paying the rest of the price, the consortium requested a 60 day extension to the deadline from the Privatisation Agency.
A notification signed by Mirko Kovac says that A-Tec can pay the additional $230 million today, while the rest could be paid within the next 60 days.
The buyer also offered to submit a guarantee for the proper execution of the contract to the amount of $60 million, which is one of the conditions for closing the transaction.
In the case that A-Tec does not pay the remainder of the purchase price and the contract for the sale of RTB Bor is terminated, the Privatisation Agency will claim payment of the bid guarantee to the amount of $10 million, and the $150 million paid so far will remain in a special account in the National Bank of Serbia.
In the case that the financial transaction between the top bidder and the Privatisation Agency cannot be closed, negotiations will be started with the second ranked bidder according to the Law on privatisation, reads the statement.
A notification signed by Mirko Kovac says that A-Tec can pay the additional $230 million today, while the rest could be paid within the next 60 days.
The buyer also offered to submit a guarantee for the proper execution of the contract to the amount of $60 million, which is one of the conditions for closing the transaction.
In the case that A-Tec does not pay the remainder of the purchase price and the contract for the sale of RTB Bor is terminated, the Privatisation Agency will claim payment of the bid guarantee to the amount of $10 million, and the $150 million paid so far will remain in a special account in the National Bank of Serbia.
In the case that the financial transaction between the top bidder and the Privatisation Agency cannot be closed, negotiations will be started with the second ranked bidder according to the Law on privatisation, reads the statement.
-
Belgrade, 21 July 2025Construction of oil pipeline with Hungary to begin early next year
-
Belgrade/Athens, 17 July 2025Serbia continues to align with EU in field of energy
-
Kostolac, 14 July 2025First solar power plant Petka in Kostolac put into trial operation
-
Belgrade, 11 July 2025Potential for improving cooperation with Belarus in many areas
-
Požega, 5 July 2025Section of Pakovraće - Požega highway officially opened
-
Belgrade, 2 July 2025Technical specifications defined for Serbia-Hungary oil pipeline
-
Belgrade, 30 June 2025IMF confirms Serbia successfully implementing all agreed reforms
-
Belgrade, 27 June 2025Double Taxation Avoidance Agreement with Germany signed
-
Kostolac, 25 June 2025Construction of Kostolac wind farm nearing completion
-
Belgrade, 24 June 2025Government supports request for new postponement of sanctions against NIS