Nis-based Vulkan to go on auction block on January 25th - Starting price set at EUR 6.5 million

Privatization Agency has scheduled for January 25th an auction for the sale of the largest stake in Nis-based tire manufacturer Vulkan at the starting price of EUR 6.5 million.

Among the items on the auction block are Vulkan's new production plant and equipment for producing rubber floor panels, conveyor belts, rubber and metal products, rubber footwear and hoses, as well as various glues for rubber, footwear, etc.

All interested companies or individuals that pay the deposit of EUR 655,306 until January 17th and submit a written application to the Privatization Agency by January 18th at the latest will be able to participate in the auction.

Vulkan was bought by Bulgaria's Mina in January 2007 for RSD 130 million. That company was bound by an agreement to invest RSD 160 million in the tire company in Nis. The Privatization Agency terminated the Vulkan privatization agreement in late February 2010 because Mina failed to fulfill its obligations.