Property of Beko textile company for sale - 24 February 2012 set as deadline for bid submission

Belgrade-based Beko textile company in bankruptcy has advertised the sale of its movable and immovable property through a bidding process. The deadline for bid submission is February 24, 2012.

The property offered for sale includes a store in Knez Mihailova Street, spanning 2,746.77 square meters, whose estimated value is EUR 16.79 million, as well as a 795.30-square-meter office space in Cara Dusana Street, which is estimated at EUR 1.98 million.

A holiday hostel in Belanovica is also put up for sale, and the estimated value of that facility is EUR 322,100.

The company also sells a factory in Lazarevac, spanning 3,893 square meters (EUR 1.68 million), a factory in Svilajnac, spanning 2,976 square meters (EUR 1.14 million), a factory in Kovin, spanning 3,761 square meters (EUR 1.45 million), and a factory in Arandjelovac, spanning 857 square meters (EUR 416,850).

According to the ad, the estimated value is neither a minimum acceptable value nor in any other way binding and decisive for bidders when determining the amount of their bid.

The property is bought as seen, with no warranties or gaurantees.

This is not the first attempt at selling the property of Beko. All earlier attempts failed to attract potential buyers. Let us remind that minor shareholders were determined to rescue the company from bankruptcy and then form a majority stake of 51 percent of shares.

All that time they claimed "a hostile takeover by tycoons" was being prepared.

The company Beko is in bankruptcy since 12 February 2003.