(SER) MSB "Bor" • Strategic Goal of A-Tech

Vibilia News Digest/Provider: INKO Company
November 30, 2007


The Austrian company A-Tec (www.a-tecindustries.com) announced that the purchase of Mining & Smelting Basin (MSB) "Bor" (www.rtbbor.com) was "the strategic goal of the company aimed at the expansion in Southeast Europe". "MSB was once one of the world leaders in the sector of copper production and it can become one again if it operates in accordance with the European standards", said the President of A-Tech Mirko Kovac. He didn't want to comment the speculations that Russian SMR (www.basel.ru), second ranked bidder, had the political support in this privatization process. He only expressed the hope that the Serbian Government (www.srbija.sr.gov.yu) would "follow the rules". "There is no doubt that the company will provide 466 million USD offered for the purchase of MSB "Bor" as well as money offered for the investments. We will respect all conditions from the tender offer", said Kovac and expressed the hope that the entire procedure would be transparent. The trade union of MSB has announced that it would request the severance pays in the amount of 500 EUR per year of service for the workers who decide to leave the company voluntarily. The last paid severance pays amounted to 250 EUR per year of service.