Privatization of Meat industry "29. novembar" from Subotica cancelled

Privatization Agency has announced today (July 1st, 2008) that it cancelled privatization of Industry of meat and cans "29. novembar" in restructuring because the buyer on the third tender did not respect obligations from the contract.

The consortium of companies "TPU Company" and "Agriacoop" from Bačka Topola and "Gumel" from Hajdukovo bought Subotica-based IMK "29. novembar" on April 4, 2008, for 100,281 EUR, with the obligation to invest 10m EUR.

According to the data provided by the Privatization Agency, deadline for fulfillment of obligations from the contract has been extended three times.

That was the third tender for sale of Subotica-based meat industry. On the first tender for sale of "29. novembar", which was announced in MAy 2005, there were no interested buyers, while the second tender, announced in April 2006, was declared unsuccessful because the offered price was too low.

Public capital is 93.9% of property of that company.

According to the consolidated financial report, IMK "29. novembar" ended the last year with the loss amounting to 143.7m RSD, while the incomes amounted to 257.1m RSD.

Company "29. novembar" owns silos, production units, stores and storage space, and the company has 266 workers.