Consortium backs out of Belgrade Fair acquisition

The Rimini Fiera-Verano Motors consortium stated on Monday that it is no longer interested in buying the Belgrade Fair. “The only bidder in the tender for the sale of the Belgrade Fair, the Rimini Fiera-Verano Motors consortium, sent the Privatization Agency a written statement that it will not accept the conditions of the tender commission for entering negotiations, which means that it is not ready to increase its offer to EUR 40mn,” the agency said in a statement issued in Belgrade on Monday. Consortium backs out of Belgrade Fair acquisition According to the legislative regulations, the tender commission with now declare the tender for the sale of 70 percent of the Belgrade Fair unsuccessful, the agency stated. The consortium was the only bidder in the tender, offering EUR 1.835mn for its capital, but that offer was deemed unacceptable both by the Economy Ministry and the city of Belgrade. Economy and Regional Development Minister Mladjan Dinkic said earlier that if the consortium did not accept the offer, the tender would be scrapped, with the Fair becoming state property. The capital of the Belgrade Fair is estimated to be worth about EUR 20.5mn, and the bid was expected to be close to that figure. The Fair owns land sprawling across 22 hectares of property on the shore of the Sava River, in an attractive part of Belgrade. Its facilities have a total of 106,241 square meters of space, and there are 53,221 square meters of exhibition space in the six high category halls. In 2007, the company had an income of EUR 15.32mn, while from 2003-2006, the income from services increased on an average rate of 14.2 percent each year.

Consortium backs out of Belgrade Fair acquisition

According to the legislative regulations, the tender commission with now declare the tender for the sale of 70 percent of the Belgrade Fair unsuccessful, the agency stated.

The consortium was the only bidder in the tender, offering EUR 1.835mn for its capital, but that offer was deemed unacceptable both by the Economy Ministry and the city of Belgrade.

Economy and Regional Development Minister Mlađan Dinkić said earlier that if the consortium did not accept the offer, the tender would be scrapped, with the Fair becoming state property.

The capital of the Belgrade Fair is estimated to be worth about EUR 20.5mn, and the bid was expected to be close to that figure.

The Fair owns land sprawling across 22 hectares of property on the shore of the Sava River, in an attractive part of Belgrade.

Its facilities have a total of 106,241 square meters of space, and there are 53,221 square meters of exhibition space in the six high category halls.

In 2007, the company had an income of EUR 15.32mn, while from 2003-2006, the income from services increased on an average rate of 14.2 percent each year.