"Ikarbus" sold to company "Avtodetal service" for 7.12m EUR

- Russian "Avtodetal service" has bought 39.22% of Belgrade-based bus manufacturer “Ikarbus” today (August 11, 2008) for 7.12m EUR – said Srećko Nijemčević, the CEO of "Ikarbus".

After the contract was signed, he said that Russian company had offered 1,4m EUR worth of investments in the first year and social program worth 200 EUR per year of work in case of surplus manpower.

"Avtodetal service" from Uljanovsk was the only bidder on the tender for sale of 149,624 stocks of "Ikarbus", owned by the Share Fund and the Pension and Disability Insurance Fund.

The bidder was obliged to offer the price for all stocks of “Ikarbus” on the tender that was announced in December 2007 because minor stockholders will be invited to sell their stocks following the signing of the contract.

According to the data provided by the Central Securities Registry, Group SEE Capital owns 8.4% of "Ikarbus", Delta Generali insurance company owns 5.95%, while minor stockholders have less than 5% each.