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The Government of the Republic of Serbia

In the service of citizens

Quicker privatisation in Serbia next year

Belgrade, 29 December 2004

Serbian Minister of Economy Predrag Bubalo said today that he is not satisfied with the current pace of privatisation of Serbian companies and added that amendments to the laws on privatisation, the Privatisation Agency and the Share Fund will accelerate the privatisation process, especially of large and heavily indebted companies.

Bubalo told a press conference that some provisions of the securities law will also be changed in January, and that the preparation of a new law in that field will get under way.

According to the Minister of Economy, the Privatisation Agency's plan to invite 18 tenders in 2005 is not ambitious and he will insist that the number be larger next year.

Privatisation Agency Director Miodrag Djorjdevic said that a tender for sale of Agrounija from Indjija and Zajecarska, Vrsacka and Belgrade breweries will be announced on December 30.

He said that the Agency's plan for the next year is to sell 300 companies on auction sales and state's share in 250 companies at the Belgrade Stock Exchange.

This year, the Privatisation Agency sold 323 companies of 386 offered, pulling in €166.9 million in revenues. The buyers committed to invest €108.2 million in those firms. Eight companies were sold through tender procedure. The Agency decided to cancel 106 contracts of sale, and 19 have been cancelled so far.