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A:
Second bidder withdraws from purchase of IMT
Belgrade,
17 July 2008
The Serbian Privatisation Agency stated today that the consortium of Neverfield Ltd and POL-MOT Warfama SA has withdrawn from the purchase of the Industry of Machines and Tractors IMT from Belgrade.
According to the statement, in a letter to the Privatisation Agency, the second bidder emphasised objective circumstances which make it impossible to close the contract.
Among other things, according to international accounting standards, the company POL-MOT Warfama is obliged to draft consolidated financial reports, which would also include negative financial reports of the company IMT, leading to a fall in the share price of POL-MOT Warfama, which are in the ownership of shareholders.
In its letter, the aforementioned consortium expresses gratitude to the Privatisation Agency for cooperation, good will and professionalism shown during negotiations. Further steps in the privatisation of IMT will be decided by the Privatisation Agency and the Ministry of Economy and Regional Development.
Among other things, according to international accounting standards, the company POL-MOT Warfama is obliged to draft consolidated financial reports, which would also include negative financial reports of the company IMT, leading to a fall in the share price of POL-MOT Warfama, which are in the ownership of shareholders.
In its letter, the aforementioned consortium expresses gratitude to the Privatisation Agency for cooperation, good will and professionalism shown during negotiations. Further steps in the privatisation of IMT will be decided by the Privatisation Agency and the Ministry of Economy and Regional Development.
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