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Serbia to sell JAT Tehnika to Czech Republic's Avia Prime

Author Radomir Ralev
Serbia to sell JAT Tehnika to Czech Republic's Avia Prime Photo: All Rights Reserved

BELGRADE (Serbia), November 29 (SeeNews) - Serbia's economy ministry has decided to sell aircraft maintenance company JAT Tehnika to Czech company Avia Prime, it said.

Prague-based Avia Prime was the sole bidder in the tender for the 99.38% stake in JAT Tehnika, the economy ministry said in a notice on Thursday without providing financial details.

Swiss-based company SR Technics has also purchased documents for participation in the tender earlier this month but did not place a bid by the November 12 deadline, the ministry said.

The economy ministry relaunched the sale of JAT Tehnika at the end of October at a starting price of 10.2 million euro ($11.2 million), equivalent to the estimated fair market value of Jat Tehnika's share capital offered for sale as of December 31, 2018. Companies with a total revenue of at least 40 million euro in 2018, active in the field of aircraft repair and maintenance, were eligible to participate in the tender.

Earlier in October, Serbia's economy ministry cancelled the tender for the sale of JAT Tehnika which it launched in September after a previous attempt failed in August. It offered for sale 99.38% of JAT Tehnika owned by the government and state-run funds at a starting price of 20.5 million euro

($ = 0.908638 euro)