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The Government of the Republic of Serbia

In the service of citizens

Knjaz Milos takeover offer closes

Belgrade, 13 December 2004

The Serbian Ministry of Economy has said that the offer for the takeover of shares of mineral water company Knjaz Milos was closed at noon today, adding that it can be concluded that the bid by FPP Balkan Limited was successful.

With 120,353 shares from small stockholders, or 32.94 percent of Knjaz Milos, deposited at FPP, it has been acknowledged that nearly 99 percent of small shareholders have deposited their stock with this bidder, reads the statement.

Safe placement of the state package of shares has been ensured through the approval given to FPP Balkan Limited for a €25 million recapitalisation of Knjaz Milos, reads the statement.

The Serbian Privatisation Agency and Share Fund will place their portfolio at the Belgrade Stock Exchange or in some other legally sanctioned way and they will continue to work on strengthening the financial market. In this way, other investors, including citizens, will be allowed to buy small packages of shares of this attractive company, whose value has grown four times over the past four months.

The ministry welcomes the new dynamics in the privatisation process as well as the inflow of more than €115 million of fresh capital that comes with the sale of Knjaz Milos, adding that the ministry will accept it as a preview of new achievements that can be expected in the year ahead.