"Jat Airways worth EUR 150mn"

While a ministry of economy official claims that Jat Airways is worth EUR 150mn overall, the national carrier's former director believes this number to be inflated.

Izvor: Beta

Thursday, 19.06.2008.

15:15

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While a ministry of economy official claims that Jat Airways is worth EUR 150mn overall, the national carrier's former director believes this number to be inflated. State Secretary with the Ministry of Economy Luka Andric says that Jat's value will reach EUR 150mn once conversion of the debts has been completed, and adds Serbia should offer 51 percent of the company, with an option of selling up to 75 percent. "Jat Airways worth EUR 150mn" This would bring the tender price for Jat's 51 percent to EUR 75mn. According to Andric, the 15 percent of the carrier's value initially set aside to be distributed to citizens through free shares will now be distributed as money, "so that contracts with the EU can be respected, enabling at the same time companies from outside the EU to take part in the tender". On the other hand, former Jat Director Predrag Vujovic says the moment to call the tender is unfavorable, while the EUR 150mn figure is too high. "The most valuable part of Jat is [its division] Tehnika, which has hangars, space, and up to 800 employees with licenses. Tehnika has been separated and its sale announced recently," Vujovic reminded. Besides, this former executive added, investment in air traffic brings with it huge risks nowadays, with record breaking fuel prices worldwide. Vujovic was also critical of the state, which, according to him, has not prepared Jat Airways for privatization. Instead, the company's former director said, a decision to sell was made suddenly, with a steep price tag.

"Jat Airways worth EUR 150mn"

This would bring the tender price for Jat's 51 percent to EUR 75mn.

According to Andrić, the 15 percent of the carrier's value initially set aside to be distributed to citizens through free shares will now be distributed as money, "so that contracts with the EU can be respected, enabling at the same time companies from outside the EU to take part in the tender".

On the other hand, former Jat Director Predrag Vujović says the moment to call the tender is unfavorable, while the EUR 150mn figure is too high.

"The most valuable part of Jat is [its division] Tehnika, which has hangars, space, and up to 800 employees with licenses. Tehnika has been separated and its sale announced recently," Vujović reminded.

Besides, this former executive added, investment in air traffic brings with it huge risks nowadays, with record breaking fuel prices worldwide.

Vujović was also critical of the state, which, according to him, has not prepared Jat Airways for privatization.

Instead, the company's former director said, a decision to sell was made suddenly, with a steep price tag.

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