Privatization Agency selling 502 companies and subsidiaries

BELGRADE -- Serbia's Privatization Agency announced on Friday the sale of 502 state-owned companies and their subsidiaries.

The list includes the Resavica coal mines, Galenika, Petrohemija, Azotara, FAP, Mostogradnja, Jat Tehnika, Lasta, Simpo, C market and Belgrade Fair.

The agency posted on its website priv.rs a public invitation for letters of intent to purchase 502 government companies and their subsidiaries, according to the new law on state asset sale, which entered into force on Wednesday.

The letters can be submitted by September 15.

The agency will analyze the offers by potential investors and within 45 days of the submission of the letters present its proposal for the sale models for each of those companies to the Ministry of Economy, the statement says.

The legal deadline for these sales is the end of December 2015, according to the law no state asset sale.

A notice about the invitation will also be sent out through the Financial Times and national media.