Contract for JRB sale expected in February, 2009

The owner of "East Point" company, Zoran Drakulic, stated that he was expecting a contract for sale of Yugoslavian river shipyard (JRB) to be signed in February, 2009.

JRB will be integrated in the existing base of Austrian river shipyard EDDSG (Erste donau-Dampfschiffahrts Gesellschaft), which Drakulovic bought last year in January, for about 100 million euros, and which owns 265 boats.

- Most of the barges will have to be renovated, as a lot of it is in bad condition, and that will take one or two years time, Drakulovic said.

17 million eur is planned for JRB, most of it in the first year of investing. But the most important thing is to recover the existing base.

EDDSG company was first ranged on the tender for JRB sale, as it offered a price of 24,5 million euros and investments worth 15,7 million euros.