Company "Fiat automobili Srbija" founded - Biserka Jeftimijević Drinjaković and Luka Andrić appointed to Administrative Board of new company

Government of Serbia has announced that joint venture "FIAT automobili Srbija" was founded yesterday (October 14, 2008) and that it was registered in the Business Registry Agency in accordance with the Law.

Founding and registration of the joint venture was preceded by the phone meeting of the Government of Serbia and, on that occasion, the Contract on founding of joint venture for production of passenger automobiles "Fiat automobili Srbija Ltd.", with the headquarters in Kragujevac, was adopted based on the Contract on joint investment between Republic of Serbia and "Fiat" Group".

Republic of Serbia owns 33%, while "Fiat Group" owns 67% of capital in the newly founded joint venture.

The starting founding capital of the company amounts to 700,000 EUR, 469,000 EUR of which were paid by "Fiat Group", while the Republic of Serbia provided 231,000 EUR in RSD.

The rest of the founding capital of the company will be paid by "Fiat Group" and Republic of Serbia prior to spring 2009, which is in accordance with the Contract on joint investment that was signed on September 29, 2008.

Total investment of "Fiat" in the new company, as anticipated by the Contract, amounts to 200m EUR in cash, while the Republic of Serbia's investments amounts to 50m EUR in cas and 50m EUR in equipment and rights.

The Administrative Board of the joint venture has seven members, two of whom are the representatives of the Republic of Serbia: the Adviser of the President of Serbia, Biserka Jeftimijević Drinjaković, and the Adviser of the Deputy Prime Minister of Serbia, Luka Andrić.

Remaining five members are the representatives of Italian "Fiat": Vice President of "Fiat" group, Alfredo Altavila, the CEO of newly founded company "Fiat automobili Srbija", Giovani De Filipis, Vice President of "Fiat Group" for Production, Stefan Keter, Finance Manager of "Fiat Grupa automobili", Richard Palmer, and the Manager of International Operations in "Fiat Grupa automobili", Silverio Bonfiljioli.

FIAT Torino Italia

FCA Srbija Kragujevac

Vlada Republike Srbije

Agencija za privredne registre Beograd

Fiat automobili Srbija

Sergio Markione

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Contract on joint investment of Republic of Serbia and Fiat in Zastava

Biserka Jeftimijević Drinjaković

Luka Andrić

Alfredo Altavila

Giovani De Filipis

Stefan Keter

Richard Palmer

Silverio Bonfiljioli