Bojanovic & Partners has advised King Engine Bearings group, a manufacturer of engine bearings for automobiles, trucks, marine, and aviation, on its acquisition, through its Serbian subsidiary Sinterfuse d.o.o., of the assets of Serbian joint stock company Sinter a.d. u likvidaciji. ODI Law advised the sellers.
The Government of the Republic of Serbia adopted a new Regulation on the Terms and Conditions of Attracting Direct Investments, in place of the previous Regulation which was in force since March 2016. The new Regulation is expected to secure continuity of economic growth, to obtain new capacities and technology, and to induce job creation. Furthermore, it introduces stricter controls regarding fulfillment of contractual obligations, and especially promotes investments in “devastated areas”.
The firms of the SEE Legal network are reporting that they worked alongside Skadden Arps in advising BA Glass I – Servicos de Gestao e Investimentos S.A. (the parent company of BA Vidro S.A.) on its acquisition of substantially all of the Yioula Glassworks SA glass container business from Yioula Glassworks SA and its subsidiary Yalos Holdings (Overseas) Limited. Yioula Glassworks was supported on all legal issues by Winston & Strawn.
Dentons has advised the BNP Paribas Group in connection with the sale of its Serbian bank subsidiary, Findomestic Banka a.d., to Serbian bank Direktna Banka A.D. Kragujevac. Zdravkovic & Partneri reportedly advised Direktna Banka on the deal. The deal was signed on November 18, 2016 and closed on January 31, 2017, The purchase price was not disclosed.
In late December 2016, the Government of Serbia passed the new Decree on Terms and Conditions for Attracting Direct Investments. The Decree supplements the Law on Investments (2015), regulating in finer detail criteria, conditions and means of attracting direct investments, in particular granting of State incentive funds for investment projects.
According to the Stabilization and Association Agreement between the EU and the Republic of Serbia1 (hereinafter:”SAA”), Serbia has an obligation to address the issue of the acquisition of the real estate property in Serbia by foreign citizens and to enable such practice by no later than the fourth quarter of 2017.
Karanovic & Nikolic has announced that Milan Lazic, Marjan Poljak, and Darko Jovanovic have been promoted to Senior Partner at the firm.
Central and South Eastern Europe Investment Summit - Thursday, March 30, 2017, London