"Vino župa" from Aleksandrovac took over majority package of stocks of Macedonian wine cellar "Povardarje" for 163,000 EUR

Serbian company "Vino župa" from Aleksandrovac bought Macedonian wine cellar "Povardarje" from Negotin on the Vardar yesterday (September 4, 2008) for 163,000 EUR in a single block transaction on the Skopje Stock Exchange.

By purchasing the majority package of stocks, Aleksandrovac-based company has also took over all managerial positions in "Povardarje".

The complete management of the wine cellar in Negotin has already been replaced and that decision will be made official by the Assembly of stockholders in the next few days.

In spite of seemingly low price of the transaction of only 163,000 EUR, "Vino župa" promised to repay 4m EUR worth of debts of the wine cellar from Negotin toward all government institutions (the Public Incomes Administration of Macedonia is the first on that list).

About 3 years ago, "Povardarje" was bought by an US company for 1.2m EUR and it is now taken over by Serbs.