"Verano" is ready for beginning of rehabilitation of DS "Beograd" - waits for decision of Commission for Protection of Competition

Company "Verano" announced today (December 13, 2007) that rehabilitation of Department Stores "Beograd" would start soon, because Commission for Protection of Competition had made decision on approval of concentration of capital.

- Representatives of the Commission for Protection of Competition informed us that the decision in connection with procurement of Department Stores had been made and that it was, as we expected, positive. We were also informed that the decision would be handed to us soon, much before the expiration of the period of 120 days from the day the documentation was submitted - said Vice President of "Verano" Krsto Sandić.

He added that that meant that the realization of investment plan for Department Stores "Beograd" would start in the very near future. Sandić pointed out that "Verano" would represent rehabilitation plan to the public once the decision of the Commission arrived.

"Verano motors" bought Department Stores on October 29 for 360m EUR, but it has not paid the selling price yet because it waits for the decision of the Commission. The company is obliged to pay the price within seven days from the day it obtains the decision.

By the way, "Verano" announced that it would invest at least 70m EUR in Department Stores "Beograd".