Third tender for sale of Industry of Engines “Rakovica“ declared unsuccessful

- The third tender for sale of 90.05% of capital of Industry of Engines Rakovica (IMR) has been declared unsuccessful - the Privatization Agency of Serbia announced today (January 19, 2009).

According to the announcement, the negotiations with the only bidder on the tender – the consortium of companies “Clear Vision Investments“ and “Lilly Drogerie“ – were unsuccessful.

The third tender for sale of 90% of stocks of IMR in restructuring was announced in November 2007 and it was extended four times.

IMR factory has about 860 workers and it owns 22.3 ha of land. It produces diesel engines, tractors and spare parts. The company’s overall capital has been estimated at about 28m EUR, while the debts amount to approximately 33m EUR.

IMR’s incomes in 2007 amounted to 407m RSD, while the expenses reached the amount of 858m RSD.