Greeks bought factory "Beko" for 55.8m EUR - investments of 150m EUR announced

Greek company "Lampda development" bought factory "Beko" in bankruptcy yesterday (August 10, 2007) on the auction in the premises of Trade Court for 55.8m EUR. Starting price of that property was 39m EUR. Total of three interested buyers competed for the factory - Greek and American investment fund and Miroslav Milić from Belgrade.

Representatives of "Lampda", which bought "Beko" through company "Property development", which is registered in Belgrade, announced that they intended to have hotel and housing project built on the land that is now home of the deserted production units, and that they would invest about 150m EUR in that project. Strategic partner of "Lampda" in Serbia will be Belgrade-based company "Rudnap".

"Beko's" store in Despota Stefana Street, 418 square meters large, was also sold at the yesterday's auction at starting price of 880,000 EUR. The buyer is Greek company "Skontal limited". The store of 1,769 square meters in Knez Mihailova Street was also offered for sale at starting price of 9.8m EUR, but there were no buyers interested in it.

After the auction, Bankruptcy Manager of "Beko", Željko Pešut, said to the press that he was satisfied with the price at which main production hall of that, once successful, factory was sold and that all debts to the creditors would be repaid. Total claims of "Beko's" 3,500 creditors, among which are about 1,500 former workers, amount to about 35m EUR. He said that, after repaying debts to creditors, the money from the sale of property of "Beko" would be proportionally paid to the stockholders of that company.

What is left for sale are two department stores in Belgrade, four factories in the provinces of Serbia, six stores and one holiday hostel. President of the Association of minor stockholders of "Beko", Zlatko Kunštek, said that the interest rate was added to the debts to the creditors, while the debts to former workers would not be paid with interest rate. He added that stockholders would send request to the Trade Court that the repayment of debts end the bankruptcy of "Beko", and that the remaining property be distributed among stockholders.