Al Rawafed boosts share price at PK Backa to RSD 6.359

Source: Novosti Thursday, 22.01.2015. 12:09
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The announced arrival of Arabian company, Al Rawafed to Sivac increased the share price at Bačka agricultural combine collective to RSD 6.358,95. Through sale of shares, workers and the retired will earn a total of EUR 7,1 m.

According to an agronomist, Miodraga Boskovic who also cashed his stake in the capital of Backe, so far, some six million euros has been transferred so far to the shareholders’ accounts.

Share purchase from the shareholders who do not agree who were formally opposing to letting the Sivac-based company from Abu Dhabi, enabled the owner of Al Rawafed to acquire 2.215 ha at Backa and to start cultivating them and 2.282 ha of state-owned lands in Sivac field. It is expected that the Arabs will take over majority stake at Backa by the end of January or early February.

-Request for payment was submitted by 577 small shareholders. Out of total 114 employees in the combine, shares were realized by 30 people. All others sold them in 2006 at the price of RSD 1.200, before sale of Backa to Mileta Jerkovic. Many retired and citizens who bought them at the stock market kept them at current favorable price - Miodrag Boskovic explains.

An engineer at PK Backa, Milan Kasalica, claims that the majority who sold shares these days shares , deposited funds at very favorable interest rate.

Until the money did not arrive, there were many ideas how to spend it. When it arrived, it turned out it was risky to invest anywhere. People withdrew only the sum essential to fix their houses a little or help their kids, and the remaining share left in the bank with the interest rate– Kasalica says.

Although the Arabs practically contributes to share price increase, the funds for their purchase was provided by Backa itself through a short-term loan, which will be returned as soon as the company from Abu Dhabi buys property of the remaining part of collective combine. It is the capital estimated at EUR 15 m, which comprises 1.451 ha of cultivable land which the Arabs have not taken over so far due to unsolved property and legal issues at lots.

It is expected the problem is solved soon at the Real estate registry so these lands will be offered to Al Rawafed. This will settle debt of Backa of EUR 16,4 m, which left after privatization with Mileta Jerkovic.


State settled

From Backa shares sold so far the state collected 15% of tax for capital profit. Fees were taken from the central registry, company brokers and banks, a total of 0,71 to 2,19%. – The bank did not allow to withdraw RSD 300, 400 or 500.000 at once but it will be available in few times – an engineer, Milan Kasalica says.
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