Formation of company "Fiat automobili Srbija" - complete property registered to Serbia

As "Novosti" learns, complete property of automobile factory "Zastava" and two independent companies from the "Zastava vozila" group ("horticulture" and "spare parts") were registered on Friday (December 25, 2009) to the state of Serbia. That is the precondition for formation of joint venture "Fiat automobili Srbija" with Italians.

The property of these three companies represents Serbia's founding capital of 50m EUR in company FAS. In that new company, "Fiat" will be the owner of 67% of capital after it pays the founding capital of 100m EUR. That payment should be filed on Tuesday.

Automobile factory "Zastava" and these two smaller companies have about 800,000 square meters of production and office space. On the occasion of the signing of the contract for strategic cooperation, the officials of the two companies announced that those facilities would be significantly changed in order for installation of new equipment and machines to be made possible.