Company "Lilly" bought 60% of capital of Užice's "Gradina"

According to unofficial information, company "Lilly", which owns perfume store chain in Serbia, has bought 60% of stocks of Užice-based "Gradina", one the largest trade company in western Serbia.

"Gradina" was sold yesterday (May 14, 2008) on the Belgrade Stock Exchange at starting price of 165m RSD.

Milija Ilić, the agent for stock capital in "Gradina", said that he had only unofficial information on the sale, and then he estimated that it would be the best way to solve the problem of unsuccessful privatization of that company.

- Company "Lilly" is a large trade company and such buyer would make it possible for "Gradina" to continue its trading activities. They own the store chain all over Serbia, so that their wish, in my opinion, is to expand their operations to this part of Serbia - says Ilić.

He added that 116 workers had left "Gradina" by the end of April 2008, so that the company had 67 workers whose salaries were at the level of minimum wage - 12,000 RSD.