March 5, 2010

Meat firm Panonka put up for sale

Serbia is inviting bids for 70% stake of its canned meat producer Panonka without setting a minimum call price.

Offers should be submitted by March 31, said Serbia's Privatisation Agency on Wednesday (Mar 3).

Only companies active in meat production in the past three years with a minimum operating revenue of EUR1.5 million (US$2.04 million) in 2009 will be eligible for bidding. Tender documents will be available to candidates as of March 15. Investors with a minimum operating revenue of EUR4 million (US$5.4 million) can also apply.

Panonka, located in Sombor, in the northern province of Vojvodina, posted a net loss of RSD144.3 million (US$1.98 million) in 2008, up from RSD122 million (US$1.67 million) in 2007, according to data of Serbia's business registry.