Zemun-based "Invej" – owner of "Vital", €18.9m

Zemun-based company "Invej", famous by businessman Predrag Ranković Peconi, took over "Vital", one of the biggest Serbian factories of edible oil and vegetable fats. The company from Zemun bought 51% of stocks of "Vital" at price of about €18.9m.

”Invej” was offered far more stocks to buy, about 50% of stocks owned by minor stockholders and complete State-owned package of 40% of stocks. But, "Invej" took only the half, i.e. 51% plus one stock. This takeover of, let’s say, every second offered stock will be realized with both stockholders and State.

The payment of money for taken stocks – about €18.9m – will be realized on next Tuesday. The offered stocks that have not been bought will be returned to the owners. "Invej" did not oblige to buy that remaining 49% of stocks of "Vital". There is no legal obligations for such things and the attempts of the Privatization Agency to talk the company from Zemun into signing of contract, which would oblige it to buy all offered stocks, have not given any results.

The amount of €18.9m for 51% of assets of "Vital" represent, by the way, double amount in comparison with the accounting value. The accounting value of stocks of "Vital" is 2,217 CSD, whereas "Invej" pays 4,100 CSD per stock. That means that relatively high price of stocks is compensated by limitation of quantity.

There were three more candidates for purchase of "Vital", among which is world leader in oil production – American "Bunge". Before the very finals of the competition, "Bunge" sent announcement to the Securities Commission that it gives up competition. The other two candidates – investment fund "Ashmore" and Cyprus-based company "Bokarotoro" stayed in competition, it seems, only formally.