Cypriot-Singaporean consortium gave up procurement of Yugoslav River Shipping

- Consortium of companies "Daxin Petroleum" from Singapore and "Tamoza Trading" from Cyprus, which gave the best offer on the tender for sale of 70% of public capital in Yugoslav River Shipping, gave up procurement of that company yesterday (January 22, 2008) - Privatization Agency announced.

Deadline for signing of the contract with the first-ranked bidder was January 29 and, according to the changes in the Law on privatization, which were put in effect at the beginning of this year, negotiations will be resumed with the second-ranked bidder.

In case of Yugoslav River Shipping, the second-ranked bidder is the consortium of Malta-based group "Palmali Shipping" whose vice president Konstantin Kalencis already stated that that company was willing to fulfill all terms from its offer and to start negotiations as soon as it received invitation from the Privatization Agency.

By the way, at the beginning of December, when the negotiations with the consortium commenced, "Palmali Shipping" lodged complaint claiming that the documentation submitted by the first-ranked bidder was forged.

Let us remind that the first-ranked consortium offered 32.5m EUR on the tender for sale of YRS and investments worth 10m EUR. YRS is the fourth largest fleet on the Danube. It has more than 200 vessels, 25 of which are ships, and their capacity is 250,000 tons of freight.