August 26 (SeeNews) - Czech Republic-based APS Capital Group's subsidiary Project One has placed the best bid at an auction for the sale of assets of Serbia's insolvent pharmaceutical company Jugoremedija, Serbian media reported.
Project One has proposed to pay 364.5 million dinars ($3.7 million/3.1 million euro) for Jugoremedija's assets, Danas daily quoted the bankruptcy administrator of Jugoremedija, Radovan Savic, as saying on Tuesday.
You can subscribe to our M&A newsletter here
Belgrade-based Project One is a wholly-owned subsidiary of APS Capital Group, according to data from the Serbian business register. In turn, APS Capital Group is owned by Martin Machon, owner and CEO of APS Holding, data from the Czech business register showed.
"I officially declared APS Holding the best bidder and buyer and checked their documentation. Bank statements on solvency have been obtained. Only creditors have the right to object to this decision, and the largest creditor among them is actually the investment fund that made the best offer," Savic said.
Offers at the auction were also placed by Serbian company Led Vision Style - of 360 million dinars; and Turkey's Birgim - of 260 million dinars, Savic noted.
"The bankruptcy judge at the Commercial Court in Zrenjanin will give its opinion on the sale of Jugoremedija in the next two days," he added.
Jugoremedija was declared bankrupt in 2016. The most important assets of the company are an industrial complex in Zrenjanin, which comprises several production facilities, as well as 24 trademarks, 28 motor vehicles, inventory and supplies.
(1 euro = 117.574 dinars)