Serbia’s economy ministry invited bids on Monday for JAT Tehnika, a Belgrade-based aircraft maintenance company, following the failure of a previous attempted sale last month.
In a statement, the ministry said it was offering the state’s 99.38% stake in JAT Tehnika at a starting price of 10.25 million euros ($11.42 million). The estimated value of the company’s capital is 20.5 million euros, it added.
JAT Tehnika was formed in 2006 after it separated from Serbia’s now-defunct JAT Airways. It has a workforce of 1,000 people.
The company is responsible for the maintenance of planes operated by Air Serbia.
JAT Tehnika is certified to provide full maintenance for the Boeing 737 Classic and Boeing 737NG, ATR 42 and 72 aircraft and all Airbus A320 types.
Under terms of the tender, prospective bidders must apply by Oct. 4 and prove they are compliant with a set of requirements, including involvement in aircraft maintenance for at least five years and revenues of at least 40 million euros in 2018.
The previous sale attempt launched in July failed as no bidders turned up by Aug. 1.