Sale of Beko's property on October 11

The property of Belgrade-based fashion company Beko will be offered for sale on October 11, 2010, based on the decision of a bankruptcy judge from the Commercial Court in Belgrade. Four property entities are offered for sale, and the sum of all starting prices at the public auction is 16.19 million euros.

According to the ad published in printed media, the public auction will be organized for sale of the store at 2,746 square meters at 44 Knez Mihailova Street with all belonging inventory and equipment at the starting price of 13.4 million euros.

For sale is also a holiday hostel at 596.76 square meters in Belanovica at the starting price of EUR 257,680, Kovin-based factory at 3,761 square meters at the starting price of EUR 857,508, Lazarevac-based factory at 3,893 square meters at the price of EUR 981,036, and Svilajnac-based factory at 2,976 square meters at the price of EUR 660,672.

The deadline for submission of applications for participation in the public auction is maximum five days before the public auction, which is October 4, 2010. All physical and juristic persons who make the payment to purchase the tender documentation and pay the deposit can participate in the auction.

Let us remind that minor shareholders were persistent in trying to help the company emerge from bankruptcy and then form a majority package of 51% of shares. All the time they claimed that an "enemy takeover by tycoons" was being prepared.

As shareholders learned, Vuk Hamovic, Vojin Lazarevic and Filip Zepter were interested in the Department store at 16 Knez Mihailova Street. It is a very attractive and expensive office space since the price per square meter in this location amounts to minimum EUR 20,000. Beko is in bankruptcy since February 12, 2003, and the income from sale of its property to date amounts to 66 million euros.