Bulgarian-Owned Firm Buys Serbia’s Insolvent Nis Brewery for EUR 1.08M

A company owned by a Bulgarian national has bought Serbia's bankrupt brewery Niska pivara for 130 million dinars (EUR 1.08M).

According to Serbia’s commercial register the Nis-based buyer, Grupa kapitalni proekti, has been established on 2 June 2015, Serbian news agency Beta reported on Tuesday.

The chairman of the board of creditors of Niska pivara Miljan Damnjancevic has told Beta the owner of Nis-based Grupa kapitalni proekti is a Bulgarian citizen. Damnjancevic didn’t disclose the name of the new owner who had negotiated the deal directly with the bankruptcy manager of the Nis-based brewery.

The new owner is planning to resume production and re-hire some of the brewery’s former workers, according to Damnjancevic.

Niska pivara has been insolvent since 2013. The first call for public bidding was held in September last year at an initial price of 396 million Serbian dinars.

Since then, there were eight unsuccessful attempts to sell the beer plant through public bidding. The last one failed last month when the price was cut to 160 million dinars.

Niska pivara can produce 200,000 to 300,000 hectoliters of beer.

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