State set to take over Serbian newspaper publisher

State set to take over Serbian newspaper publisher

State set to take over Serbian newspaper publisher Izvor: N1

The Association of Journalists of Serbia (UNS) said on Monday that the state is set to take over a majority share in the Novosti newspaper publishing company.

A statement said that the state-owned Borba printing company will take over the majority of shares in the Novosti company from businessman Milan Beko at a shareholders’ assembly on May 7.  

The Novosti shareholders’ assembly is also set to lower the value of shares because the company’s debts are higher than its assets.  

Beko owns more than 60 percent of the shares of Novosti while the Republic of Serbia owns about 30 percent, the state Pension Fund owns some seven percent and private inviduals owns less than one percent.  

The Economic Court in Belgrade accepted a reorganization plan in January 2018 under which the Novosti company declared bankruptcy. Its bank accounts were ordered blocked by the Tax Authority over a tax debt in July 2017. The tax debt is just a part of the company‘s overall debt which, according to UNS, stands at some 1.5 billion Dinars (1 Euro – 118 Dinars) and is going to be repaid in 120 monthly installments without interest.  

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