Macedonia Calls Tender to Sell 41.7% of Electronic Equipment Manufacturer EMO

A total 153,341 EMO shares held by the state-owned Pension and Disability Insurance Fund-PIOM, representing 41.7% of the company’s equity capital will be offered at a tender at a starting price of 10 euro per share, the ministry said in a tender notice carried by the local Dnevnik daily.

Slovenian company Grand Eksp owns 17.09% of EMO.

The bidders will be required to keep EMO’s staff of over 2,000  employees for at least five years and to provide additional investments in the next three years. The deadline for submitting offers expires on December 10.

The government has unsuccessfully tried three times to sell its stake in the company. EMO ended 2007 with a net loss of 129.78 million denars ($2.84 million/2.28 million euro). The company's stock was quoted at 524 denars on Monday, 16.4% up from Friday.

EMO (www.emo.com.mk), based in the southwestern lakeside resort of Ohrid, was established in 1972. It designs, manufactures and installs electrical equipment and implements power engineering projects and industrial projects on a turnkey basis.

($ = 0.8046 euro)