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Azotara Pancevo sales contract breached
Belgrade,
9 January 2009
The Serbian Privatisation Agency said in a statement today that the agency terminated the sales contract of fertiliser plant HIP Azotara from Pancevo with a Serbian-Lithuanian consortium.
The buyer sold the plant Karbamid 2, which constitutes 10.88% of Azotara, without the agency’s consent.
According to the contract, the buyer cannot dispose of property which is worth over 5% of the company’s book value, which is why the consortium has to pay 5.88%, or nearly €10.1 million, to Azotara.
The capital of HIP Azotara Pancevo will now be held by the Share Fund.
The Privatisation Agency, the Share Fund and the Ministry of Economy and Regional Development will make further steps to privatise Azotara soon, according to the statement.
According to the contract, the buyer cannot dispose of property which is worth over 5% of the company’s book value, which is why the consortium has to pay 5.88%, or nearly €10.1 million, to Azotara.
The capital of HIP Azotara Pancevo will now be held by the Share Fund.
The Privatisation Agency, the Share Fund and the Ministry of Economy and Regional Development will make further steps to privatise Azotara soon, according to the statement.
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