Elektroizgradnja privatization agreement signed - Slovenia's Javna Rasveta takes over company from Bajina Basta for EUR 730,000

(from the agreement signing ceremony)

An agreement on the sale of Elektroizgradnja company from Bajina Basta to Slovenia's Javna Rasveta, at the price of EUR 730,000, was signed in the Privatization Agency of the Republic of Serbia on Wednesday.

The agreement envisages the sale of 70.43 percent of shares in the Serbian company, EUR 600,000 investments within the next three years and, as it was said at a press conference, the first joint undertaking - lighting of the Strazevica tunnel near Belgrade, worth EUR 1.8 million.

The Slovenian company accepted all obligations stipulated by the social program and promised not to lay off redundant workers over the next four years, whereas exceptions can be made only with the previous consent from a respective union and the payment of a stimulus severance pay.

The agreement was signed by Privatization Agency Director Vladislav Cvetkovic and Javna Rasveta Executive Director Stanko Furlan in the presence of Slovenian Ambassador Franc But.

Elektroizgradnja from Bajina Basta is an open joint-stock company with 279 employees. It produces electrical and telecommunication cables.

Javna Rasveta is a successful Slovenian company with a construction and public lighting maintenance tradition spanning over 100 years.

This company has about 130 employees and operates on the entire territory of Slovenia. It also has offices in Bratislava and Belgrade. In the last few years Javna Rasveta has achieved gross business results amounting to about EUR 12 million and turned about EUR 1.5 million worth of net profit.