Q:
A:
Speeding up privatisation in Serbia
Belgrade,
11 September 2004
The Serbian Privatisation Agency stated today that it will speed up the sale of minority share packages from the portfolio of the Share Fund of the Republic of Serbia.
In order to boost the privatisation process by the end of 2004, the Serbian Ministry of Economy, the Agency and the Share Fund are looking for possibilities to sell minority share packages from the Serbian Share Fund.
The sale of shares has dropped due to contradictions between the Law on Securities and the Share Fund Law, that being a disharmony between the provisions regulating the bids for purchase of shares and the role of the Share Fund.
The Privatisation Agency and the Share Fund will accelerate the sale of minority share packages and increase the number of public invitations for joining the shares of individual shareholders to those of the Share Fund portfolio. The aim of this action is to offer majority packages with investment and social welfare programmes to potential investors. This will add to the growth of the financial market, creation of a more favourable investment climate, acceleration of the privatisation process and the further development of Serbia's economy as a whole. The Agency’s statement notes that public invitations for joining the shares of individual shareholders to those of the Share Fund for the companies Voda Vrnjci and Knjaz Milos, and the public bid for the sale of shares of the Gospodjnici company, are a sign that privatisation in Serbia is entering a very active phase.
A company's presentation on the financial market will not only be in the best interest of the company's growth and development but also in the best interest of its employees. This is in line with the Article 14 of the Share Fund Law, stipulating that the Share Fund is obliged to act as an expert, taking care of the revenues of the republic and the inflow of new investment in the companies whose shares have been sold. The statement went on to note that professional investors, portfolio investors and individual investors can continue to expect a very attractive offer of share packages from the Share Fund portfolio.
The sale of shares has dropped due to contradictions between the Law on Securities and the Share Fund Law, that being a disharmony between the provisions regulating the bids for purchase of shares and the role of the Share Fund.
The Privatisation Agency and the Share Fund will accelerate the sale of minority share packages and increase the number of public invitations for joining the shares of individual shareholders to those of the Share Fund portfolio. The aim of this action is to offer majority packages with investment and social welfare programmes to potential investors. This will add to the growth of the financial market, creation of a more favourable investment climate, acceleration of the privatisation process and the further development of Serbia's economy as a whole. The Agency’s statement notes that public invitations for joining the shares of individual shareholders to those of the Share Fund for the companies Voda Vrnjci and Knjaz Milos, and the public bid for the sale of shares of the Gospodjnici company, are a sign that privatisation in Serbia is entering a very active phase.
A company's presentation on the financial market will not only be in the best interest of the company's growth and development but also in the best interest of its employees. This is in line with the Article 14 of the Share Fund Law, stipulating that the Share Fund is obliged to act as an expert, taking care of the revenues of the republic and the inflow of new investment in the companies whose shares have been sold. The statement went on to note that professional investors, portfolio investors and individual investors can continue to expect a very attractive offer of share packages from the Share Fund portfolio.
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