Negotiations with "Avtodetal-Service" about sale of "Ikarbus" in final phase - contract in three weeks

The CEO of "Ikarbus", Srećko Nijemčević, said that the contract on sale of that factory to Russian company "Avtodel-Servis" should be signed within next 15 to 20 days.

- Negotiations with the only bidder on the tender for "Ikarbus" have entered the final phase and they will end very soon - said he.

He added that Russian company from Uljanovsk planned to hire 500 new workers in "Ikarbus" in addition to existing to 700.

- Investments and price of "Ikarbus" are defined, but I am not authorized to reveal them - said he. Nijemčević said that the investment plan offered by Russian company had been fully accepted and the trade unions of "Ikarbus" had signed the protocol that they accepted social program.

Minority package of 39.2% of capital, that is, 149.624 stocks of the Belgrade bus manufacturer "Ikarbus" with the nominal value of 600 RSD per stock, was offered for sale on the tender.

According to the tender terms, the bidder was obliged to offer the price for all stocks of "Ikarbus" because the Share Fund, following the signing of the sales contract, would invite all remaining individual stockholders who own 60.7% of stocks to join their stocks.

"Ikarbus" announced on the Belgrade Stock Exchange that its projected income for the first six months of year 2008 was 2.4 billion RSD, which is three times more than in 2006. Prior to May 12, the incomes amounted to 1.13 billion RSD.

Ikarbus a.d. Zemun

Akcijski fond Republike Srbije

Beogradska berza a.d. Beograd

Srećko Nijemčević

Avtodetal Service