Download MarketView Daily

Download MarketView Weekly

At the auction of 3-year EUR denominated T-bonds of the Republic of Serbia, issued on 21st of September 2017, the volume of T-bonds issued amounted to EUR 50,000,000.

The total volume of bids amounted to EUR 75.021.000 . T-bonds in the amount of 50.000 were realized, having the total nominal value of EUR 50.000.000 .

Government Bonds were sold at YTM of 1.85% on the annual level and maturity date is 25th of September 2020. The coupon (1,50% annually) payment date is 25th of September. The payments are on annual basis until maturity date.

YTM of today's auction was 0.02 percentage points lower when compared to the YTM of the previous auction of the same maturity, held in June 2017.

Receiving from today's auction of T-Bonds will be used for repayments of public debt liabilities which mature in September 2017.

Banca Intesa Belgrade has filed a lawsuit against Zvijezda at the Commercial Court of Belgrade, the Croatian company, a member of Agrokor, announced on September 19.

The lawsuit concerns the repayment in line with the guarantee for Agrokor, taken up for the EUR 15.39 million loan from November 2016.

Last week , the extraordinary management of Agrokor published the information on the statuses of all court procedures and enforcement procedures against Agrokor and related companies in Croatia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina and England.

It was also reported that Banca Intesa had initiated the procedure of debt collection against Zvijezda, but also against Konzum, Jamnica, Agrokor Trgovina and PIK Vrbovec, though the guarantee amounts were not published.

It was also published that Banca Intesa had filed a proposition for imposing a temporary measure regarding the stake in IDEA held by Konzum, to which the extraordinary management is preparing a response.

Banca Intesa has also initiated an enforcement procedure against Agrokor regarding its stakes in Dijamant, KRON, M-Profil SPV and Nova Sloga, and the extraordinary management has also filed a complaint thereof.

http://www.ekapija.com/en/news/1884512/intesa-requiring-eur-1539-million-from-zvijezda-croatian-company-guarantees-for-agrokor

http://rs.seebiz.eu/banca-intesa-trazi-od-zvijezde-isplatu-1539-milijuna-eura/ar-162753/

The Swiss company Batagon has provided a new, fourth offer for the acquisition of ownership over Fabrika Akumulatora Sombor, SOinfo.org portal reports.

– I find the new offer to be very favorable. Batagon is offering EUR 6 million for the purchase of Fabrika Akumulatora Sombor – said Predrag Ljubovic, the bankruptcy trustee in the former Sombor-based production giant.

He stated that the interested company, headquartered in Switzerland, had submitted the offer within deadline and that it was higher by EUR 950,000 than the previous one.

– I have notified the Board of Creditors of everything. I expect that they will reach a decision next week – he said and added that the guarantee of Batagon, one of the requirements for bidding for FAS, was valid until October 19.

The Board of Creditors has rejected the three previous offers by the Swiss company. Batagon International AG offered EUR 3.5 million at the public auction and then raised the offer to EUR 4.5 million in early August. The last rejected offer amounted to EUR 5,050,000.

http://www.ekapija.com/en/news/1887544/new-offer-for-acquisition-of-fas-batagon-raises-price-to-eur-6

The Japanese company Yazaki will open a factory in the Sabac Industrial Zone on September 26, where it will produce electronic components for trucks for the export to the European market.

The factory in Sabac, the construction of which started last year, takes up 30,000 square meters and will employ 1,700 people by 2019.

EUR 20 million was invested in the construction and the equipping of the factory, as reported earlier.

Yazaki was founded in 1929. It operates in 45 countries, employs around 290,000 workers and produces and distributes electric systems and electronic instruments for the automotive industry. It cooperates with the most renowned producers of motor vehicles.

http://www.ekapija.com/en/news/1886926/yazaki-to-open-factory-in-sabac-on-september-26

Of the eight companies interested in a strategic partnership with RTB Bor, five prepared full mining and geological, technological and metallurgy and financial overviews of RTB Bor, following which they offered between 500 and 600 million dollars for a partnership with the mining company.

– These are very serious companies, whose names we cannot yet disclose, as the tender for a strategic partner for RTB Bor has not yet been opened – says the Blic source from the Government of Serbia.

Two of the companies in question are from Canada, one company is Russian and there also two Chinese companies.

All these companies performed their due diligence, after which they presented their offers for a strategic partnership with RTB Bor.

– All these companies want to invest up to USD 500 million in the opening of two new mines in RTB Bor, Cerovo 2 and Cerovo Primarno, which are the biggest sites the company owns – the Blic source says.

– The companies offer up to USD 100 million for an expansion of the production in the Bor mine of Veliki Krivelj and the Majdanpek site of Juzni Revir.

However, as the price of copper has jumped at the London Metal Exchange, the Government of Serbia is not in a rush to introduce a strategic partner in RTB Bor.

– Several years ago, the Romanian company Kuprum and Austria's A-tec after it were offering 400 and 500 million dollars respectively for the purchase of the entire RTB Bor property – the Blic source underlines.

– Today, with the new smelter and new ore reserves discovered in the town's area, potential strategic partners, of course, find the Bor company very interesting.

The Blic source adds that the state will try to finance the beginning of the opening of the Cerovo 2 copper mine itself, so that raw materials for the smelter's operations would be secured and so that the dependence on processing imported raw materials in this facility would be reduced.

http://www.ekapija.com/en/news/1883895/five-companies-offer-500-to-600-million-dollars-for-rtb-bor

In line with the adopted Pre-Packaged Reorganization Plan, the Port of Belgrade (Luka Beograd a.d.) has advertised the sale of the company's property, as well as the property of the first and second group of related persons, through a public collection of bids.

Among the items offered are 212,849 m2 of land of the company Drum Creek in Bubanj Potok, at the starting price of EUR 5,686,853, and interested purchasers may submit bids only for the purchase of the entirety of the property offered.

Other items are the head office building of Luka Petrol, at the starting price of EUR 4,052,800, four facilities of Nova Luka in the municipality of Palilula and 57 facilities of the Port of Belgrade in the municipalities of Palilula and Stari Grad, among which are warehouses, office buildings, halls, storage rooms and a pool with a revetment of 116,380 m2, at the starting price of EUR 24,688,000.

Closed written bids are to be submitted by October 20, and the opening of the bids will take place on the same date.

More information can be found HERE.

http://www.ekapija.com/en/real-estate/1884609/KZIN/property-of-port-of-belgrade-put-up-for-sale

The head of the Executive Board of Eurobank Serbia, Slavica Pavlovic, stated on September 19 that there was no plan to sell the bank, whose owners are private investors, whereas Greece has a stake of 2% in it.

– We are not planning to sell the bank or withdraw from the Serbian market – Pavlovic said and added that Eurobank Ukraine had been sold and that the sale of the bank in Romania was in progress.

– Eurobank Serbia has good results. In seven months of the current year, the credits grew by 3% and the profit grew by 30% to RSD 1.7 billion – Pavlovic pointed out.

As she said, Eurobank was seventh in the banking market of Serbia looking by assets, which amount to EUR 1.2 billion. It has also realized loans in the amount of a billion euros, and it has half a million clients, 1,200 employees and 80 branch offices.

She added that that the share of NPLs in the bank amounted to around 20% of the total amount of loans, but that she expected it to be reduced to 15-16% before the end of the year.

http://www.ekapija.com/en/news/1884383/sale-of-eurobank-serbia-not-planned-profit-in-seven-months-of-2017

The head of the delegation of the International Monetary Fund (IMF) to Serbia, James Roaf, and Minister of Mining and Energy of Serbia Aleksandar Antic talked to the management of RTB Bor on Saturday, September 16, 2017, and the minister said that eight world companies were interested in a partnership with the company at the moment, RTB Bor reported.

– Everybody looking to be our partners in this project needs to understand that this is a development project where they need to recognize, together with Serbia, the total potential and significance of RTB Bor and be our strategic partners in order for the complex to develop further – Antic said and added that he expected RTB Bor to realize EBITDA of USD 75 million in 2017.

Roaf said that he would gladly invite future investors to invest and secure a strong future for RTB Bor.

– We are now able to talk about the benefits for RTB Bor and seek interested partners, who would come here and invest in the company. I believe that the numerous reforms we’ve discussed with the Government of Serbia have contributed to a positive turnaround here, as it is very important for state companies to be able to be commercial, without the Government’s help. This is the only way to enable further employment, a good income and an advancement of the economy in the entire region – Roaf said, as stated in the press release by RTB Bor.

General Manager of RTB Bor, Blagoje Spaskovski, said that the feasibility of the construction of a new smelter in Bor and its significance for the future of RTB Bor, the town of Bor and the entire Timok district, had been discussed with high officials of the IMF.

http://www.ekapija.com/en/news/1881806/antic-eight-world-companies-interested-in-partnership-with-rtb-bor

The bankruptcy trustee of the Zrenjanin-based pharmaceutical company Jugoremedija has put the company up for sale through a public auction.

The subject of the sale is the legal entity, whose most important property consists of, among other things, a medical drug plant complex, equipment, watermarks, motor vehicles, inventory, supplies...

The total starting price of the bankruptcy trustee amounts to around RSD 1.906 billion, and the deadline for the deposit payment of around RSD 763 million is October 9, 2017.

The public bidding will be held on October 16, 2017, at 12 o’clock, at the premises of the bankruptcy debtor in Zrenjanin.

As stated in the tender documentation, the sales and purchase agreement is to be signed within three days of the public auction and no later than October 20.

Let us remind that the Zrenajnin factory, which has been in bankruptcy since December 2012, was evaluated at EUR 32.5 million in April 2017.

http://www.ekapija.com/en/news/1881779/jugoremedija-put-up-for-sale-starting-price-for-zrenjanin-medical-drug-plant

The Pirot-based factory AHA Mura Prvi Maj will try to find a purchaser for the sixth time. The bankruptcy trustee has put the company up for sale again, through a public auction to be held on October 27 in Nis.

The starting price is RSD 200 million, and interested bidders are obliged to pay the deposit of RSD 126.2 million.

The previous attempt at a sale took place this April, when the Pirot Free Zone was the only bidder. However, as the offered price of RSD 127 million was less than 50% of the estimated value of the factory (RSD 631 million), the Board of Creditors did not accept the offer.

As eKapija learns, the Pirot Free Zone is no longer interested in AHA Mura.

– The offer of the Pirot Free Zone was the only one in all previous five attempts at a sale. The current price is also higher than the one we offered. We are not satisfied with the way the bankruptcy proceedings were run and we will therefore no longer take part in the sale process – Dragan Kostic, director of the Pirot Free Zone, says for our portal.

As stated in the new ad, the most important pieces of immovable property of the bankruptcy debtor are the old and the new head office building, the textile industry building – halls, warehouses, the pattern shop and air conditioning chambers, as well as the conference hall, the children's playground, the restaurant, the library, the compressing station and substations. Of the movable property, the items up for sale are the textile industry equipment and supplies of raw materials, finished products, unfinished products and claims.

Let us remind that the former textile giant Prvi Maj Pirot went into bankruptcy in 2015. It used to have close to 7,000 workers and around 150 stores throughout the former Yugoslavia. The national sports teams wore their clothes, and their merchandise was also available in Italy, Germany and Russia.

http://www.ekapija.com/en/news/1880622/aha-mura-prvi-maj-up-for-sale-again-starting-price-rsd-200

Falkensteiner is interested in acquiring the hotel chain HUP Zagreb, run by Andjelko Leko. The job is allegedly worth EUR 200 million, Jutarnji List learns.

The HUP Zagreb shares are currently at HRK 3,199. At the current market value, HUP Zagreb is worth over HRK 1.38 billion (around EUR 185 million) at the stock exchange.

In its hotels in Zagreb, The Westin Zagreb Hotel, Sheraton Zagreb Hotel, Hotel International, Panorama Zagreb Hotel, Hotel Jadran and Hotel Zagreb, HUP Zagreb offers accommodation in more than 1,300 rooms and apartments.

In the Dubrovnik area, in the hotels Astarea and Mlini, HUP Zagreb offers accommodation in 440 rooms, whereas the new hotel Sheraton Dubrovnik Riviera, which opened in mid-2015, has 240 rooms and 11 apartments, as well as the biggest hotel congress hall in Croatia.

http://www.ekapija.com/en/real-estate/1882061/KZIN/falkensteiner-interested-in-hup-zagreb-job-worth-eur-200-million

In addition to the Russian Sberbank, the Italian Banca Intesa has also tried to protect its claims towards Agrokor at Serbian courts by disabling the sale of Dijamant. This can be seen from the financial report signed by the temporary manager of Agrokor, Ante Ramljak. In line with Lex Agrokor, Ramljak is obliged to submit public reports on a monthly basis.

The latest financial report, published several days ago on the Croatian concern’s website, says that “additional disputes, enforcement proceedings and a temporary ban on the disposition of property have been initiated in Serbia by Banca Intesa and the banks from the Sberbank Group in Slovenia and Croatia, regarding the ownership stakes in the companies in Serbia”.

As Politika learns, the loan in question was approved by Intesa to Dijamant Zrenjanin and is worth EUR 15 million. Agrokor has a 96.15% stake in this company.

The Central Securities Depository says that, based on the decision by the Commercial Court, this Croatian concern is forbidden from handling those shares. As stated, this way, the claim of EUR 15 million with interest is secured. This means that, in addition to the Russian Sberbank, the creditors from Banca Intesa have also disabled Ramljak from selling Dijamant.

Sberbank has an identical enforcement decision, except that Dijamant’s debt towards this Russian bank is far higher, amounting to EUR 100 million.

Ramljak says in the financial report that the management has filed a complaint to the Commercial Court of Zrenjanin.

http://www.ekapija.com/en/news/1880446/banca-intesa-blocks-sale-of-dijamant-as-well