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Serbia announces sale of only car factory Zastava

Serbia announces sale of only car factory Zastava

The Serbian government announced Thursday that the country's only carmaker, Zastava, will be sold next year.
In an advertisement published in the Politika daily, Serbia's Privatization Agency said nearly 90 percent of the company's shares will be sold in April.
Zastava, based in the central city of Kragujevac, was known for its boxy Yugo cars that were also exported to the United States in the 1980s.
Zastava lost its market after the collapse of the former Yugoslavia in the early 1990s, and has since struggled to recover.
The factory in the past made deals with Fiat and General Motors Corp. to assemble the companies' cars in the Serbian factory.
Serbia's privatization minister, Mladjan Dinkic, said Thursday he expected at least two major international companies to take part in the bidding for Zastava. He did not elaborate.
Officials said the minimum price for Zastava will be announced in April.
Zastava has some 4,000 employees. It produced 15,000 cars in 2006, way below its capacity of 60,000 per year.


Updated : 2021-03-09 03:11 GMT+08:00