http://biz.yahoo.com/ap/051028/kosovo_privatization.html?.v=1
Associated Press
October 28, 2005
Kosovo's Nickel Plant Sold for $40 Million
-The privatization of Feronikeli is the most important sell-off of socially
owned enterprises, a term used for enterprises owned by the workers and
managers under a system set up under communist-era Yugoslavia.
PRISTINA, Serbia-Montenegro - A nickel plant in Kosovo was sold Friday for
euro33 million, or about US$40 million, authorities said.
Officials from the Kosovo Trust Agency, dealing with privatization in
Kosovo, signed a contract with Alferon/IMR, part of Eurasian Natural
Resources group, which is among the world's largest private mining and
metals groups, a U.N. statement said.
The company has offered a business plan including at least 1,000 jobs and an
additional investment of euro20 million (about US$24 million) within the
first three years, it said.
The Feronikeli plant in central Kosovo was badly damaged during NATO bombing
of Serb forces in the disputed province in 1999. It is one of the major
plants in the economically depressed province.
Kosovo is the poorest region in the Western Balkans with an annual gross
domestic product per capita of around euro1,000 (US$1,300) and a jobless
rate of at least 50 percent, according to European Union data.
The privatization of Feronikeli is the most important sell-off of socially
owned enterprises, a term used for enterprises owned by the workers and
managers under a system set up under communist-era Yugoslavia.
The process of privatization is complex, in part because it is unclear
whether Kosovo will become independent or remain part of Serbia-Montenegro,
the successor state of Yugoslavia.
Serbia's authorities have fiercely opposed the process of privatization.
....
Serbian News Network - SNN
[email protected]
http://www.antic.org/
