Eighth tender for wood processing Jakic declared at price of Euro 2.0 million

Montenegro will call an eight tender for wood processing company Jakic on October 20, 2005 at an initial price of Euro 2.0 million, Jakic receiver Rajko Dragas said. All of the previous seven tenders failed because of the high price asked for the company, Mr. Dragas added. The initial price at the seventh tender held on March 21, 2005 was set at Euro 2.15 million, compared with a starting price of Euro 9.5 million at the first tender held in June 2004.



Jakic, based in Pljevlja, northern Montenegro, filed for insolvency in mid-2003. Currently the company has a staff of 350.

Jakic processing plant works in one shift, while its turnery workshop works in two shifts and timber plant into three shifts, Mr. Dragas said.