Serbia Cancels Privatisation of Lime Producer Kolubara IGM – Media

The privatisation contract has been cancelled because the buyer has failed to implement its investment and social programme, daily Danas reported.

The consortium, which bought Kolubara IGM for 1.46 billion dinars ($23.5 million/18 million euro) in late 2007, has paid only one sixth of the agreed purchase price and restarted only one of four furnaces at the factory, it added.

Serbia’s Privatisation Agency will call a tender for the company after conducting an audit, Danas said, but gave no timeframe.

Kolubara IGM ended 2002 with an operating profit of 19 million dinars, according to latest available figures.

(1 euro = 81.3337 Serbian dinars)