RK Beograd sale contract signed
Verano Motors and the Privatization Agency signed a contract Monday regulating the sale of RK Beograd department store chain.
Tuesday, 06.11.2007.
09:21
Verano Motors and the Privatization Agency signed a contract Monday regulating the sale of RK Beograd department store chain. Verano Motors, a Belgrade-based company whose main business activity is import of vehicles, is under obligation to pay EUR 360mn for the company, the highest price reached in auction held on Oct. 29. RK Beograd sale contract signed The transaction will be financed by an international investment fund, Marfin Investment Group (MIG). However, MIG's share in the venture remains unclear. Shortly after the auction ended last week, MIG announced it will become a two-third owner of RKB, but Verano said the figure was not yet determined. Yesterday was the deadline for Verano to seek permission from the Competition Commission to carry out the transaction. The buyer must also, as the Privatization Agency explained, pay the full buying price within 30 days of the signing of the contract. If, however, the Competition Commission does not provide a positive answer by that time, Verano will have another week at its disposal after it acquires the permit, but the entire process can take 120 days at most, starting with the day of the auction.
RK Beograd sale contract signed
The transaction will be financed by an international investment fund, Marfin Investment Group (MIG). However, MIG's share in the venture remains unclear.Shortly after the auction ended last week, MIG announced it will become a two-third owner of RKB, but Verano said the figure was not yet determined.
Yesterday was the deadline for Verano to seek permission from the Competition Commission to carry out the transaction.
The buyer must also, as the Privatization Agency explained, pay the full buying price within 30 days of the signing of the contract.
If, however, the Competition Commission does not provide a positive answer by that time, Verano will have another week at its disposal after it acquires the permit, but the entire process can take 120 days at most, starting with the day of the auction.
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