RK Beograd sold for EUR 360mn

RK Beograd, the Belgrade Department Stores company, has today been sold at auction for EUR 360mn.

Izvor: B92

Monday, 29.10.2007.

10:00

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RK Beograd, the Belgrade Department Stores company, has today been sold at auction for EUR 360mn. The buyer was Verano Motors, owned by Radomir Zivanic of Belgrade. RK Beograd sold for EUR 360mn The auction at the Hyatt Hotel was organized by the Privatization Agency and was broadcast live on TV. Ten buyers took part, and the opening price was set at EUR 140mn. All subsequent bids raised the price by a further EUR 5mn, and in the end, no-one could top Verano Motors' offer of EUR 360mn. To participate in the auction, potential buyers had to submit a banker’s guarantee of EUR 44mn and buy the sales documentation, costing EUR 7000. For sale were 239,679 square meters of business premises, that is to say 34 separate locations, including department stores in Terazije, the Beogradjanka and Podgoricanka buildings, together with department stores in Bijelo Polje, Subotica, Kikinda, Vranje, Pirot, Uzice, Backa Topola, Nis, Vrsac, Bor, and Zrenjanin. Also on the list was the Business and Distribution Center in Belgrade covering some 27 hectares, as well as a supermarket and the Spuz warehouse in Podgorica. Agency Director Vesna Dzinic says she is more than happy will the final price. “On the one hand, that figure allows us to clear all our debts to both company trustees and to the RK companies themselves as associate entities. We’re also happy that the company’s agony, that started in 1996 and continued with bankruptcy in 2002, is finally over,“ Dzinic said. “Everyone should be satisfied with the outcome, the trustees and the former employees, as well as the state of course which will be fully remunerated,“ she added. In Dzinic’s opinion, small shareholders should also be pleased with the sale. “All their holdings will be reimbursed, including interest. As for the state, it will be reimbursed on two levels: by payment of taxes and obligations to the Paris and London Clubs. This price allows the full amount to be paid off, plus interest,“ she concluded.

RK Beograd sold for EUR 360mn

The auction at the Hyatt Hotel was organized by the Privatization Agency and was broadcast live on TV. Ten buyers took part, and the opening price was set at EUR 140mn. All subsequent bids raised the price by a further EUR 5mn, and in the end, no-one could top Verano Motors' offer of EUR 360mn.

To participate in the auction, potential buyers had to submit a banker’s guarantee of EUR 44mn and buy the sales documentation, costing EUR 7000.

For sale were 239,679 square meters of business premises, that is to say 34 separate locations, including department stores in Terazije, the Beograđanka and Podgoričanka buildings, together with department stores in Bijelo Polje, Subotica, Kikinda, Vranje, Pirot, Užice, Bačka Topola, Niš, Vršac, Bor, and Zrenjanin.

Also on the list was the Business and Distribution Center in Belgrade covering some 27 hectares, as well as a supermarket and the Spuž warehouse in Podgorica.

Agency Director Vesna Džinić says she is more than happy will the final price.

“On the one hand, that figure allows us to clear all our debts to both company trustees and to the RK companies themselves as associate entities. We’re also happy that the company’s agony, that started in 1996 and continued with bankruptcy in 2002, is finally over,“ Džinić said.

“Everyone should be satisfied with the outcome, the trustees and the former employees, as well as the state of course which will be fully remunerated,“ she added.

In Džinić’s opinion, small shareholders should also be pleased with the sale. “All their holdings will be reimbursed, including interest. As for the state, it will be reimbursed on two levels: by payment of taxes and obligations to the Paris and London Clubs. This price allows the full amount to be paid off, plus interest,“ she concluded.

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