Serbia extends bidding deadline for Industrija Stakla Pancevo

Serbia said on 28 November 2008 that it has extended the deadline for bids in the tender for its glass manufacturer, Industrija Stakla Pancevo (ISP), to 19 January 2009 from 19 December 2008.
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Serbia said on 28 November 2008 that it has extended the deadline for bids in the tender for its glass manufacturer, Industrija Stakla Pancevo (ISP), to 19 January 2009 from 19 December 2008. The deadline for filing binding bids for the sale of 100% of ISP is extended to 1630 local time (1530 GMT) on 19 January 2009, the Privatisation Agency said on its website. Serbia opened the third tender for ISP in October 2008, without setting a minimum price. Eligible bidders must be companies active in glass manufacturing or trade for the past three years with minimum revenue of EUR 4.0 million (USD 5.2 million) in 2007. Investors with minimum active capital of EUR 20 million or EUR 8.0 million revenue in 2007 can also apply. The two previous attempts to sell ISP were unsuccessful. On both occasions, Greece“s Yioula Glassworks was the sole bidder for the Serbian glass maker. ISP, one of the oldest glass makers in southeast Europe and located in Serbia“s northern town of Pancevo, cut its net loss to EUR 2.0 million in 2007, from EUR 3.3 million the previous year. ISP, set up in 1930, has two subsidiaries: Trispan, which sells glass, and Specijalna Stakla, which produces glass.