Virom Group and South Frontier acquire Belgrade-based Rafinerija nafte for EUR 804,600
As it was announced on the website of the Privatization Agency, a commission for the sale of Rafinerija nafte from Belgrade stated November 23rd that the bid of the only bidder - the consortium consisting of Virom Group and South Frontier, had met all prescribed conditions, declaring the only participant in the sale procedure a conditional buyer of the subject of sale.
Starting price of the ownership stake that was the subject of sale was EUR 804,596.67, while the buyer promised to pay EUR 804,600 in cash for 1,634,941 shares held by the Privatization Agency, that is, 100% of Rafinerija nafte from Belgrade.
By the way, this company was founded in 1934, it became a part of Jugopetrol in 1981, and then a part of the Petroleum Industry of Serbia (NIS) in 1992. After it was separated from NIS in 2005, Rafinerija nafte was sold by tender in 2007 and it continued to operate as part of the Neochimiki Group. Early 2012 saw the privatization agreement terminated, which caused Rafinerija nafte to start operating as a state company once again.
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