Source: Novosti | Tuesday, 08.02.2005.| 15:00
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"Genex", facing privatization, invests 20-30 million EUR, expected price - 200 million EUR

Preparation for privatization of "Internacional CG", i.e. "Genex", is underway. Sale of this company will not be unexpected and the management is already prepared for it. In 2005 only, "Genex" plans to invest between € 20 and € 30 million in existing capacities, so that this company could reach the price of € 200m.

In November 1999, company "Internacional CG" was founded as heir to "Generalexport", but only in business activities. "Generaleksport" is inactive company, it has only 5 employees, it came out from the bankruptcy proceedings and exists as juristic person. There are debts of about € 140m and claims that exceed amount of € 100m, but they are very hard to collect because the property is located in Croatia, Bosnia and Herzegovina, Macedonia... It is estimated that "Internacional CG" holds property over € 150m worth of real estates, not including building in Narodnih heroja Street (West gate) in Novi Beograd, which is the property of "Generalexport".

Today, "Genex" has 1,808 employees and it is 100% public company. "Grand" hotel and suites "Konaci" located on Kopaonik mountain are also property of "Genex".

"Genex" also owns Belgrade-based hotel "Intercontinental" with 415 rooms, 30 suites, 8 banquet and conference halls, 4 restaurants, business and sports-recreation center. Recently, it has signed three contracts with "Inetrcontinental sistem". The estimates are that € 15-20m should be invested in modernization and reconstruction. The hotel would then become five-star hotel. Many European banks are interested in financing rehabilitation of "Interkontinental" in Belgrade. Present value of the hotel is estimated to € 12m, but, after the adaptation, it's price will rise to € 40 - 50m. The "Genex" suites in Belgrade represent business-apartment complex with 60 housing suites, 34 office spaces and underground garage. The facility is connected to the "Genex" business building "Mala kula" of about 8,500 square meters.

Part of "Genex" is also "Yugoturs", as well as "Trgovina i inženjering", "Poslovna logistika" and "Aviogenex" with 4 airplanes, which are mainly used for charter flights to Asian and African countries.

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