"Nectar" from Bačka Palanka bought agricultural company "Budućnost" for 640m RSD

On June 27, Juice manufacturer "Nectar" from Bačka Palanka bought agricultural company "Budućnost" from that town on tender for 640m RSD, which is 3.3 times larger price than the starting one.

Majority owner of "Nectar", Slobodan Radun, said to the press that the raw materials for "Nectar", especially tomato whose production in Serbia was not big enough, would be produced on the land and in the units of "Budućnost".

According to his words, "Budućnost" owns 120 ha of orchards. That company has 180 workers, it has no large debts and it needs serious investor.

Radun announced production of new fruit, vegetables and husbandry plants.

There were six bidders on the auction.

Starting price on the auction was 191.1m RSD, and the buyer is obliged to invest minimum 70.27m RSD in the company.

According to the data provided by the Privatization Agency, estimated value of "Budućnost" is 769.2m RSD (9.94m EUR), and that company ended year 2007 with loss amounting to 11m RSD, while incomes amounted to 231.7m RSD.

The most important property of "Budućnost" includes administrative building at 552 square meters, silo at 900 square meters, stable at 877 square meters, cold storage plant, hall for keeping machines and 3,250 ha of agricultural land.

Company "Radun inženjering", of which owner is Slobodan Radun, has the share of 81% in "Nectar". "Nectar" ended year 2007 with the profit worth 871m RSD based on 5.56 billion RSD worth of incomes.