BANJA LUKA (Bosnia and Herzegovina), August 16 (SeeNews) – The government of Bosnia's Serb Republic is in the final stages of negotiating the sale of a 75% stake in aviation equipment producer Kosmos to Austrian company IAG, local media said.
IAG, with a group of its fund investors, lodged a binding bid for the Kosmos stake three months ago and pledged to invest a million marka in new technologies, news portal Klix.ba said on Tuesday.
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IAG is also set to service Kosmos's overdue obligations of 25 million marka ($15.0 million/12.8 million euro) and hire new employees.
The government holds a 100% stake in Kosmos, which was founded in 1958 as a company for the overhaul of radar, missile and computer systems.
Industrie Automatisierungsgesellschaft mbH (IAG) was founded as a partnership of three individuals in 1986 and today is under the sole ownership of two families. The company is active in the manufacturing of special-purpose machinery for complex areas of application.
(1 euro=1.95583 marka)