Serbia’s Economy Ministry sold its majority stake in railway construction and maintenance company ZGOP (Novi Sad) to sector player Zhol Zhondeushi of Kazakhstan. Zhol Zhondeushi placed the sole bid in the tender for the sale of the majority stake, launched by the Serbian government in September 2016.
The Kazakh company will pay EUR 3.633 million for the purchase of the Serbian state’s 90.64% stake in the capital of ZGOP. The contract for the sale of the shareholding was signed by Serbian economy minister Goran Knezevic and the CEO of Zhol Zhondeushi, Khuram Muradov. The deal is subject to approval by the Serbian competition regulator.
According to the Serbian press, Zhol Zhondeushi plans to invest 9.6 million euros in ZGOP by 2019.
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