BELGRADE (Serbia), March 21 (SeeNews) – Chinese bus manufacturer Yin Long Group has repaid the outstanding debt of Serbian sector player Ikarbus and will soon take control of the company, a Serbian government official said on Thursday.
"Two days ago, Yin Long repaid the debt of Ikarbus to Banca Intesa and in this way it qualified to become a majority shareholder of the company," Dragan Stevanovic, state secretary at the economy ministry, said in a video file posted on the website of Serbian private broadcaster TV Prva.
You can subscribe to our M&A newsletter here
In September 2017, the economy ministry said Yin Long is interested in the production of electric buses in Serbia and sell them in Southeastern Europe.
Ikarbus operates a factory in Belgrade's urban municipality of Zemun with a manufacturing capacity of 250 vehicles per year. The company currently produces low-floor and articulated city buses, as well as intercity buses.