Swiss company Batagon improves bid for Serbia's FAS - report

The company has increased the price by 950,000 euro, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying.

The creditors of FAS are expected to make their decision by the end of next week, Ljubovic said.

The creditors of FAS have already rejected three offers by Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro. Last month, the creditors also rejected a 5.05 million euro offer.

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.

($ = 0.8337 euro)