August 8 (SeeNews) - Swiss-based company Batagon International has increased the price it is offering to acquire Serbian insolvent car battery maker Fabrika Akumulatora Sombor (FAS) to 4 million euro ($4.7 million), Serbian media reported.
The company has increased the offer by 1 million euro which represents a significant improvement, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying on Saturday.
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The creditors of FAS are expected to approve the sale of the company, according to Ljubovic.
Last month, the creditors rejected the 3 million euro offer placed by Batagon International for the purchase of the insolvent company.
The value of the assets of FAS is estimated at 24.57 million euro, SoInfo noted.
In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.
($ = 0.846694 euro)