Decision about destiny of Novi Sad Fair to be made at emergency stockholders meeting on November 28th

The emergency stockholders meeting of the Novi Sad Fair, at which the proposal for transformation into the company with the state as the majority owner will be taken in consideration, is going to take place on November 28th, 2009.

As the people from the Novi Sad Fair explained, the members of the Stockholders Assembly will have to make the decision about the draft conclusion and agreement on the share of the government property, which have been made by the Republic Property Directorate.

At the beginning of September 2009, the Republic Property Directorate gave consent for transformation of 42% of public capital in the Novi Sad Fair into the government property.

The Ministry of Economy accepted the initiative of the Executive Council of Vojvodina in mid-March 2009 to exclude the Novi Sad Fair from the privatization process due to its exceptional regional importance and in order to preserve the reputation of the regional brand of Vojvodina.

In addition to aforementioned 42% of stocks, the City of Novi Sad would entrust additional 22% to the Executive Council, so that, in that way, the Province would become the majority owner of the Novi Sad Fair.

Previously, in December 2005, the Ministry of Economy and Privatization started the initiative for privatization of the Novi Sad Fair, and the decision was made in May 2006 that the public capital of the Fair be offered for sale on public tender.

After that, company "CES Mekom" was hired as the privatization adviser, and it was supposed to collect all the necessary documentation for making of the prospectus that the Novi Sad Fair would present to the market and potential buyers.

Total of 42.34% of stocks of the Novi Sad Fair is public capital, juristic persons own 46.05%, while 11.61% of stocks are in the possession of individuals.