Serbia: tender launched for glass maker ISP

The Serbian government has launched a tender for the sale of Industrija Stakla Pancevo (ISP), one of the country“s largest glass makers, for whom it is seeking a strategic investor.
In a tender noti…

The Serbian government has launched a tender for the sale of Industrija Stakla Pancevo (ISP), one of the country“s largest glass makers, for whom it is seeking a strategic investor. In a tender notice, the government“s Privatisation Agency said bids were invited for 100% of the company“s capital. No starting price has been set. To be eligible, bidders must be companies with at least three years experience in glass production, the agency said. They must also show revenue of at least EUR 10 million (USD 12.1 million) for 2004. The deadline for placing binding bids is 23 December 2005. ISP, set up in 1930, has two subsidiaries: glass maker Specijalna Stakla, and Trispan, which sells glass. The company, one of the oldest glass makers in southeast Europe, cut its net loss to EUR 4.2 million in 2004, from a loss of EUR 8 million in 2003.