Serbia's FAS creditors again reject Batagon's buy offer - report

The bid was rejected because the offered sum only equals one-fifth of the value of FAS' assets, news portal SoInfo reported on Wednesday.

"I have informed Batagon that the offer has been rejected and gave the company the opportunity to improve its bid or leave the sale process of FAS," SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying.

Batagon International increased the price it is offering to pay for FAS 5.05 million euro after the creditors rejected two previous offers, of 3 million euro and 4.5 million euro earlier this month.

The value of the assets of FAS is estimated at 24.57 million euro, SoInfo said earlier in August.

In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas failed to meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.

($ = 0.841009 euro)