Business News

Volksbank to Auction Off 78% Stake in Food Company Eta

Ljubljana, 19 October (STA) - Volksbank will be auctioning off a 78% stake in food company Eta which it took as collateral for a short-term loan which matured on 30 September. The auction with the minimum bidding price at EUR 3.48m will take place on 19 November at noon.

In the auction, announced in the daily Delo on Friday, the bank will be selling the stocks in a package, which contains 67% share in Eta owned by Eta chairman Dragan Marjanović's financial firm Fineta and 11% by Serbian company Eterra.

After the bank's claim with interest (EUR 3.46m on the date of the auction) and the costs of the auction of up to EUR 25,000 are paid, the remainder of the hammer price will be transferred to Fineta and Eterra.

By 2 PM on 18 November, bidders must pay a 10% deposit plus auction costs, around EUR 348,000.

After the loan from December 2011 is paid off through the auction, Eterra is to be left with a 17% share in Eta and Fineta is to have 5%.

Fineta and Eterra bought a joint 100% share in the Kamnik-based food company from retailer Mercator in February 2011.

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