Deadline for submission of bids for "Genex" property on Kopaonik extended prior to October 31st

- Deadline for submission of bids for purchase of property of company "International CG" has been extended prior to October 31st - Privatization Agency announced. The Agency did not specify when the auction for sale of the property of former "Genex" would take place.

According to the invitation for all interested buyers, which was announced at the end of July 2008, starting price of the property of "Genex" on Kopaonik will be 23m EUR.

On the first tender, which was announced in December 2007, starting price amounted to 45m EUR, but no obligatory bid was submitted on that occasion.

Hotels "Grand" and "Sunčani vrhovi" (Suites Konaci), 102 apartments and restaurant "Zvrk" will be offered for sale.

The condition for participation in the auction is the submitted guarantee of 6m EUR and the proof that the interested buyer operates in the international market and owns brand in the holiday hospitality sector with minimum 4 stars and minimum 10 hotels.

The investment program anticipates that the new owner keeps the existing functions of hotels and suites within minimum next 10 years, that he provides the level of quality of minimum four international stars for hotel "Grand" within the next two years and for hotel "Sunčani vrhovi" within the next three years.

The buyer of the hotel on Kopaonik mountain will be obliged to keep 253 workers.