Austrian A-TEC buys RTB Bor

The property of RTB Bor was sold to A-TEC on Thursday.

Izvor: Beta

Friday, 08.02.2008.

09:09

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The property of RTB Bor was sold to A-TEC on Thursday. The Austrian consortium acquired the eastern Serbia based copper mining and smelting complex for USD 466mn. Austrian A-TEC buys RTB Bor A-TEC is obliged to invest USD 230mn into modernizing production, Beta reported. The contract on transferring exploitation rights and the contract on the sale of the company's property was signed in the Serbian government headquarters by Minister of Economy and Regional Development Mladjan Dinkic, Privatization Agency director Vesna Dzinic, and A-TEC representatives Mirko Kovats and Bernhard Ripel. Dinkic told the press that the government in a phone conference yesterday had unanimously consented to sign the contract on the company's sale. He stressed that the starting minimum investment program worth USD 180mn, which was a part of A-TEC's offer, was increased by another USD 50mn, and that the largest part of that sum would be invested into modernizing the smelter plant, so that it can achieve an annual production of 300-400 thousand tons of copper concentrate. The buyer is also obliged not to lay off any of the company's 4,691 employees. Dinkic said that USD 25mn from the sale will be given to the employees, as a reward, since they had not receive any company shares. The money for RTB Bor is being provided, Kovats said, partly from bank loans, and the deadline for transferring the money into the Serbian budget account is 25 working days from the date of the sales contract. A second tender for the sale of the company's property was called on Aug. 31, 2007, because the best-ranked bidder in the first tender, the Romanian company Cuprom, failed to provide banking guarantees for the USD 400mn it bid. Kovats, Dinkic, Dzinic (Beta)

Austrian A-TEC buys RTB Bor

A-TEC is obliged to invest USD 230mn into modernizing production, Beta reported.

The contract on transferring exploitation rights and the contract on the sale of the company's property was signed in the Serbian government headquarters by Minister of Economy and Regional Development Mlađan Dinkić, Privatization Agency director Vesna Džinić, and A-TEC representatives Mirko Kovats and Bernhard Ripel.

Dinkić told the press that the government in a phone conference yesterday had unanimously consented to sign the contract on the company's sale.

He stressed that the starting minimum investment program worth USD 180mn, which was a part of A-TEC's offer, was increased by another USD 50mn, and that the largest part of that sum would be invested into modernizing the smelter plant, so that it can achieve an annual production of 300-400 thousand tons of copper concentrate.

The buyer is also obliged not to lay off any of the company's 4,691 employees. Dinkic said that USD 25mn from the sale will be given to the employees, as a reward, since they had not receive any company shares.

The money for RTB Bor is being provided, Kovats said, partly from bank loans, and the deadline for transferring the money into the Serbian budget account is 25 working days from the date of the sales contract.

A second tender for the sale of the company's property was called on Aug. 31, 2007, because the best-ranked bidder in the first tender, the Romanian company Cuprom, failed to provide banking guarantees for the USD 400mn it bid.

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