BIP asks state to take part of capital in exchange for debts

- The owner of Belgrade Beer Industry (BIP) has submitted the request to the state to write off the debts of that company and to take over a part of BIP's capital in exchange - the Privatization Agency announced on May 22, 2009.

- The Privatization Agency still has no information on the amount of BIP's tax debt at the end of year 2008 - it is stated in the announcement that was issued after the meeting of the representatives of the Agency and minor stockholders of BIP, who protested in the center of Belgrade on May 22nd and asked for the contract on privatization of BIP to be cancelled.

BIP was sold to the consortium comprising Lithuanian "Alita" and Swedish "United Nordic Beverages" in 2007.

According to the announcement, the Privatization Agency will forward the information of BIP's debt to the Ministry of Economy, and the Government of Serbia will then decide whether to accept the request for takeover of BIP's capital in exchange for debts.

People in the Privatization Agency say that they still don't know when the decision about BIP's request and the destiny of the privatization contract can be made because it is necessary for all information to be checked.

Prior to June 4th, the owner of BIP should submit the evidence to the state that the government organs discontinued the forced collecting of debts by means of sale of BIP's property.

Minor stockholders of BIP protested and asked for cancellation of the privatization contract because, according to their announcement, the owners "are destroying the property of BIP, and the Agency is not reacting".

Lithuanian-Swedish consortium has the share of 51.9% in BIP.

According to the data provided by the Business Registry Agency, BIP has 720 employees and it registered 295.3m RSD worth of profit in 2008, while the losses in 2007 amounted to 849.9m RSD.