Consultancy that will evaluate Lasta selected

The Supervisory Board of Lasta, the biggest and the oldest Serbian passenger transport company, has chosen the consulting company BDO Business Advisory from Belgrade for the evaluation of the company’s assets and the capital, Lasta told Tanjug.

After the evaluation, which, as they say, is expected to take place by the end of March, the state is planning to put a 77% stake in Lasta up for sale by the end of March.

Lasta is owned by the Serbian government, the Equity Fund, the City of Belgrade, several local self-governments, the Pension and Disability Insurance Fund, and the National Health Insurance Fund, whereas a 23% stake is owned by small shareholders.

The future owner will have to undertake to invest in the company’s rolling stock and to keep the same number of workers, of which there are currently two thousand.

Although the sale of Lasta was planned last year, the company’s top management asked at the time for a conversion of the tax debt of around RSD 700 million into the company’s capital to be carried out.

“This debt was incurred in 2004 and 2005 and the interest accrued in the meantime. Each month, we paid RSD 13 million. We then had to see whether we would come to a point where we are no longer able to repay the debt, whether to pledge the buses as collateral with the Tax Administration or to go into bankruptcy”, the director of Lasta, Toni Gajic, told Tanjug earlier.

The company owes RSD 550 million, and the rest of the amount up to RSD 700 million consisted of other claims, including those pertaining to Lasta’s daughter-companies.

Gajic said that the entire conversion process had taken a long time, and that it was completed in November 2018.

(B92, 12.02.2019)

https://www.b92.net/biz/vesti/srbija.php?yyyy=2019&mm=02&dd=12&nav_id=1504463

 

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