Miodrag Kostić to sell majority ownership in 3 sugar factories in Serbia - at the end of May 2005

One of the three the biggest sugar production companies in Europe, whose name is still secret, should become the majority owner of sugar refineries of "MK Commerce" next year.

Jovan Purar, director of "MK Commerce" did not want to say the name of that company, but he explained that the first contract with that partner should be signed at the end of May 2005, and added that that European manufacturer was much bigger and more serious than the one already present in Serbia, Italian "Sfir".

Since three sugar refineries, Bač, Pećinci and Kovačica, were bought on tender, a clause from the contract implies that they cannot be sold within the first five years. Therefore "MK Commerce" must ask for approval from the Privatization Agency. It is assumed that the Agency will agree on that if "MK Commerce" fulfill its obligation concerning amount of five-year investments before the deadline.