Serbia’s government plans to extend the deadline for the launch of a tender for the privatisation of copper mining and smelting company RTB Bor to the end of June, local media reported.

According to the eighth and final review of Serbia’s performance ubder the current stand-by arrangement (SBA) with the International Monetary Fund (IMF), the government has set end-March deadline for the launch of the tender but most likely the deadline will be extended to the end of June, news daily Politika quoted a government source as saying on Monday.

This extension of the deadline will be made for procedural reasons, the source added.

RTB Bor posted a net profit of $42.34 million (34.3 million euro) in 2017 on revenue of $302 million, Politika said.

In December, Serbia’s government said it launched a call for an adviser in the privatisation of RTB Bor, and discussions with potential investors are ongoing, including discussions on addressing environmental risks.

A Serbian court approved in July 2016 a plan for the restructuring of RTB Bor, allowing the write-off of 90% of the company’s unsecured debt. Under the plan, the remaining 10% will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.

Source; SeeNews

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