Kazakh Zhol-Zhondeushi buys Novi Sad’s ZGOP – Investments of EUR 9.6 million by 2019 planned

The Kazakh company Zhol-Zhondeushi has bought ZGOP, the only Serbian company repairing, maintaining and building railways headquartered in Novi Sad, at the starting price of around EUR 3.6 million.

The company should invest EUR 9.6 million in the next two years, says the Dnevnik source close to the Novi Sad company.

The opening of bids took place on December 5, and the commission for carrying out the procedure of the public collection of bids reported that, following the inspection of the documentation, the Kazakh company had met all the conditions defined in the tender. Only one bid had been received at the tender organized by the Ministry of Economy, the one made by the Kazakh company, which operates in the same field in its home country and has an annual turnover of around EUR 300 million, which was one of the conditions.

– Following the decision by the commission saying that the Kazakh company is to rent ZGOP, an authorization of the sale by the Ministry of Economy is expected – the Dnevnik source says and adds that the new owner might enter the Serbian company in mid-January 2017.

– We are pleased that the purchaser is a serious company, carrying out important projects in Kazakhstan both individually and with other companies, above all with Russians and Arab countries.

ZGOP made a profit last year and has contracted jobs worth tens of millions of dollars and around 250 employees. It has changed ownership several times, and it has been in restructuring since 2011. It has been a state-owned company since two years ago. Following unsuccessful ownership transformation, the Ministry of Economy was looking for a purchaser from the same field, with developed activities and financially capable for necessary investments.

Zgop a.d. Novi Sad

Ministarstvo privrede Republike Srbije

ZGOP

Ministry of Economy

Zhol Zhondeushi

sale of ZGOP

ZGOP purchaser