Auction for sale of Glass Industry from Pančevo on July 13, 2006

The Privatization Agency of Serbia has announced invitation for participation in the auction sale of the Glass Industry from Pančevo, which will take place on July 13, 2006.

The entire capital of that factory has been offered for sale. The applications for the participation in the auction can be delivered prior to July 5. The estimated value of the capital of the Glass Industry is 1.5 billion CSD or 17.5m EUR. The starting price is 365.6m CSD.

The future owner will be obliged to invest at least 197.4m CSD in the company that employs 544 workers. At the end of 2005, total income of the Glass Industry amounted to 168.6m CSD, whereas total expenditures amounted to 429.6m CSD.