Few companies interested in takeover of factory "Prva petoletka"

- Two potential investors, one from Italy and one from Russia, are interested in purchase of parts of "Prva petoletka" holding from Trstenik - the Director General of that company, Dragan Egerić, said today (December 24, 2009).

Egerić told "Beta" that the representatives of two potential strategic partners had recently visited that factory and spoken to the representatives of the Ministry of Economy and Regional Development and the Privatization Agency about takeover.

- Italian partner is interested only in one stock company within the "Petoletka" system, while Russian investors are interested in several members of our holding. Also, there are several investors that are interested in privatization of our factory in Novi Pazar - Egerić specified.

According to his words, the aim of the employees in "Petoletka" is that the privatization takes place as soon as possible, but not "at any price and under any condition". It should happen once "the conditions are created and the right partner is found".

- Our primary goal is to raise the level of employment and quality of operations of our companies together with the representatives of the Ministry of Economy and in association with the Ministry of Energy and Mining, and then to start serious negotiations on privatization with our strategic partners - said Egerić.

Therefore, as he pointed out, it is of great importance for that corporation that the Ministry of Energy and Mining provides support, which has recently been promised by Minister Petar Škundrić and the representatives of the Electric Power Company of Serbia on the occasion of their recent visit to Kruševac.

- The volume of business and realization of "Prva petoletka" is significantly smaller than in 2008. However, thanks to the social programme that we implemented in the first half of the year and thanks to the support of the Ministry of Economy, we still function and manage to pay net salaries and part of the obligations for health and social insurance - said Egerić.

According to Egerić, the debts to business banks and part of the obligations to suppliers range between 4 and 5m EUR for several years, but the debts for unpaid allowances for pension and disability insurance and the unemployed and unpaid taxes are growing.

Together with its factories in Brus, Aleksandrovac, Belgrade and Novi Pazar, "Prva petoletka", which has, so far, announced three tenders for sale of the majority package of stocks, all of which were unsuccessful, currently has 4,700 employees.