Belgrade, Oct 29, 2007 – Insolvent department store chain company Robne Kuce Beograd has been sold today at a public auction for €360 million to Verano Motors, owned by Radomir Zivanic from Belgrade.
Ten domestic and foreign companies took part in the auction held today at the Hyatt Regency Hotel. The initial price was €140 million.
Almost 240,000 square metres of office space, that is, a total of 34 department stores, was offered on sale, including department stores in Belgrade as well as Bijelo Polje, Subotica, Kikinda, Vranje, Pirot, Uzice, Backa Topola, Nis, Vrsac, Bor, Zrenjanin and other towns.
In order to take part in the bidding, the prospective buyers had to submit bank guarantees of €44 million and to purchase tender documentation whose price was €7,000.
The documentation was purchased by nearly 40 potential participants.
The Serbian Privatisation Agency issued an advertisement on the sale of this insolvent company as a legal entity on July 27 this year.