Serbia: sale of ISP delayed by a month

Serbia gave potential investors one more month to place binding bids in the tender for the sale of its largest glass maker, Industrija Stakla Pancevo (ISP).
The new deadline is 23 January 2006, the S…

Serbia gave potential investors one more month to place binding bids in the tender for the sale of its largest glass maker, Industrija Stakla Pancevo (ISP). The new deadline is 23 January 2006, the Serbian government“s Privatisation Agency said in a statement on 1 November 2005. In October 2005, Serbia offered to sell 100% of the company“s capital without setting a reserve price. To be eligible to bid for ISP, companies must have at least three years experience in glass production. They must also have had revenue in 2004 of at least EUR 10 million (USD 12 million). ISP, set up in 1930, has two subsidiaries: Trispan, which sells glass, and Specijalna Stakla, which produces glass. The company, one of the oldest glass makers in southeast Europe, cut its net loss to EUR 4.2 million in 2004, from EUR 8 million in 2003.