Company "Zastava specijalni automobili" on auction on May 21

"Zastava vozila" Group has announced the public invitation for participation in the auction for sale of 99.23% of assets of "Zastava specijalni automobili".

According to the announcement, the subject of the auction will be the share of Stock Company for Holding, Consulting and Management Affairs "Zastava vozila" in "Zastava specijalni automobili", total of 89.52% of assets, and the share of the State, that is, the Development Fund of Republic of Serbia, in amount of 9.71%.

The value of the share of "Zastava Group" is estimated to 570m RSD, while the share of the Development Fund amounts to 61.826m RSD.

The buyer who applies for the participation in the auction will be obliged to satisfy the rights of the excessive manpower, to maintain the production continuity and primary activity over the certain period. The buyer will also be obliged to invest 80m RSD, or about 1m EUR, in the factory within three years, starting from the moment the contract on sale of the share is signed.

One of the basic preconditions is that the investors who apply for participation in the auction dealt with the production in field of metal-processing industry for at least three last business years or that they are the owners of more than 50% of the company that meets that criterion.