JRB: a telenovela privatization

Tender for Yugoslav River Shipping (JRB) was not successful after all. After the first ranked in the bid withdraw in late January, the runner-up from Malta - Palmali, also decided not to take over 70% of JRB shares in late March.

This left the third-ranked East Point, company owned by Zoran Drakulic. However, since East Point offered 23 million euro (some 9 million less than Palmali), Privatization Agency has taken prompt action and decided to open a new tender.

Both the first and the second-ranked in tender will be charged with 300.000 euro of bank guarantees each. In future tender, bank guarantees will be increased up to one million euro.