Beograd Film to buy Israeli multinational company Engel Europe

Beograd Film announced today (May 10, 2010) that it planned to participate in acquisition of an ownership share in Israeli multinational company Engel Europe, which owns numerous real estates and projects in Europe, Canada and Israel. This decision is a part of the new business strategy that envisages expansion of the company's activities.

Guided by strict market laws, the management of Beograd Film have decided to use the company's capital for new long-term profitable investments.

What is necessary for this valuable acquisition is an additional capitalization, which will be the subject of the voting at the meeting of the Shareholders Assembly on June 10, 2010.

Once the forthcoming intensive due diligence process is completed, Beograd Film intends to start preparing the offer, together with its partners, for takeover of a part of Engel Europe's package of shares on the Stock Exchange in Tel Aviv where this company is listed.

By acquiring an ownership share in Engel Europe, Beograd Film will be enabled to finish, through the companies that operate within Engel, numerous projects in Europe, of which realization is currently on hold due to financial difficulties.

Engel Europe is an Israeli company that deals with construction of housing projects, industrial-business centers and residential space on the territory of Israel and Canada, while its activities in Europe include construction works in exclusive locations in Prague, Budapest, Warsaw and Sofia.