Tender for sale of “Progres” was published

Agency for privatization of Serbia has published tender for sale of 45,86% of a company for fuel trade and financial mediation “PROGRES”.

Tender documentation can be purchased from June, 13th, for the price of 8.000 EUR, auction guaranty is 200.000 EUR, and deadline for submitting obligatory offers is July, 11th, as stated in the public invitation for participation on this tender.

All interested investors should deliver their offers for all “Progress” shares, as Share’s fund will invite other share holders to sell their shares after signing of the contract about “Progress” sale.

Offered package of shares is 45,86% in the ownership of Share’s fund and Fund for pension and invalid insurance, while other share holders have less than 2,5% of shares.

Nominal value of shares is 600 RSD, and their price at the stock-exchange today is 401 RSD, which is 1,78% more than on May, 8th.

According to the data of Belgrade stock exchange “Progress” has 5,39 millions shares which have been in trade since August, 2005, and the market value of the company is 2,16 billions RSD. “Progress” has 8.899 sqm of office premises in Belgrade, out of which 7.600 sqm in Zmaj Jovina St. in Belgrade and 20.196 sqm in Krnjaca.

As it was announced “Progress” has property in ex-Yugoslav republics, 2.383 sqm of office premises in Zagreb, one villa of 427 sqm in Malo Losinje in Croatia, 322 sqm of office premises in Zagreb and 44 sqm of office premises in Skopje.

“Progress” has also dependent companies – for trade of seed products “Progress interagrar” and for distribution of motor vehicles “Progress autokuca”. “Progress” has 30% in the company for petrol derivates trade “Progresgas trading”.

According to the data of the Business registrar agency, “Progress” had 156.000 RSD profit in 2007, which is 94,4% less than in 2006, and the capital was reduced for 30 millions RSD, to 5,02 billions RSD.

Condition for participation on tender is that the buyer should be involved in fuel trade at least 3 previous years and that in 2007 it had at least 10 mil EUR and if it would be an investment company its active should not be less than 50 mil EUR, in 2007.