New tender for "Yumco" - "Bivoda" for sale as well

The Privatization Agency has announced the tender for sale of 63% of capital of Vranje-based Cotton Combine "Yumco", of which majority owner is the Agency, based on the conversion of debts to public companies.

- We expect to get strategic partner by the end of the month. That will make further operations of "Yumco" much easier and enable keeping of 1,700 jobs - the CEO of that company, Miodrag Tasić, told "Danas.

He believes that there will be interested buyers because, in addition to complete textile production, Factory of mineral water and juices "Bivoda", owned by Vranje's textile workers, has also been offered for sale. This factory has already been offered for sale on two tenders as an independent company, but nobody was interested in paying 1.1 billion RSD, which was the estimated value of the capital of "Bivoda".

- If we get strategic partner, we will be able to operate independently because we have, so far, operated through third companies for certain percentage, so that we've been receiving very small amount of money - Tasić specified.

Company "Yumco" used to employ 13,000 workers, while the average salary in mid-1980's amounted to about 2,000 DEM. The 13th salary was also regular.