BELGRADE (Serbia), July 2 (SeeNews) – Turkish conglomerate Cengiz holding is preparing to participate in a tender for a strategic partner in Serbian state-run copper mining and smelting company RTB Bor, Belgrade-based media reported.
Cengiz holding is interested in participating in the tender for RTB Bor as it wishes to expand its mining business, news agency Tanjug quoted on Saturday the owner of the Turkish conglomerate, Mehmet Cengiz, as saying.
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"Mining is a specific industry and I believe that even if a country has the money to encourage its development, it is the private sector's job to do it," Mehmet Cengiz said.
Serbia's prime minister Ana Brnabic said in May the government plans to call a tender for a strategic partner in RTB Bor in June.
A Serbian court approved in July 2016 a plan for the restructuring of RTB Bor, allowing the write-off of 90% of the company's unsecured debt. Under the plan, the remaining 10% of debt will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.