Negotiations with the Austrian IAG company are in the final stage, and soon it is expected that the contract on the purchase of 75 percent of state capital in the Kosmos company in Banja Luka will soon be expected. This was confirmed by the director of Cosmos Dusan Vjestica for Klix.ba.
“Austrian company IAG Group, with a group of its fund investors, sent a binding offer three months ago, stating that it is ready to take over 75 percent of Kosmos share capital, that it is ready to invest several million marks in new technologies in order to be competitive in the foreign market , Especially in the part of the auto industry, and that it is ready to service the obligations of the company and for the recruitment of a new workforce, primarily highly educated engineering staff and specialists. That is what they sent three months ago, “said the Witch.
The witch also said that the RS government, as the 100% owner of the capital in the Banja Luka company, was informed about the intentions of the Austrian group, and now IAG Group is waiting for its partners to complete certain analyzes of Kosmos.
“This is very topical, investors were here in a meeting with me, we talked about current affairs because in almost half of our business we are working with them right away, so I’m sure that in the upcoming period, I do not know exactly when, the final financial Offer with all defined terms and conditions. It is a very serious financial transaction, that is, serious money should be allocated for the takeover of capital, but it is not just a takeover of capital, it is also about the revitalization of the company, “said the Witch who did not want to talk about the amounts, That he does not have, nor can he have any insight into the details of the financial offer.
There is no doubt that the accumulated liabilities from the previous period, in the total amount of close to 25 million marks, will be the biggest “bite” for an Austrian company.
From the Ministry of Industry, Energy and Mining of the RS, it was said earlier that the letter of intent represents a serious initiative based on a high quality proposal for cooperation and business, which implies that the Austrians would be ready to take over the Kosmos.
Cosmos was founded in 1958 as a company for overhauling radar, rocket and computer systems. Today, with the overhaul of radar and rocket systems, it is engaged in overhaul of automation systems, professional electronics of various purposes, combat and non-combat vehicles, as well as a wide range of power devices and systems. It has close to 170 employees.
Negotiations with the Austrian IAG Group are in the final stage and it is expected that it will purchase 75% of the public capital in the Kosmos company in Banja Luka, according to Dusan Vjestica.
“The Austrian IAG Group sent a final offer three months ago, noting that it is prepared to take over 75% of Kosmo’s capital. It also noted that it is ready to invest several million KM in new technologies, particularly in the auto industry. They are also willing to repay the company’s debts and recruit new employees, namely highly educated engineers,” according to Vjestica.
Vjestica also said that the government of the Republic of Srpska, the smaller of the two entities in BiH, was informed of the offer since it is the sole owner of the firm. IAG Group is now waiting for its partners to complete analysis of Kosmos.
“This is very recent: investors met with me and we talked about the current state of affairs because we’re doing almost half of our business with them now. So, I’m sure that we’ll have a finalized offer soon. This is a very serious financial transaction, which is not just a transfer of capital but also the revitalization of the company,” said Vjestica, who did not want to discuss the amount. He either does not have access to that information, nor could he have it.
There is no doubt that the accumulated debt of the company, a total of 25 million BAM, will be the biggest problem for the Austrian Company.
The letter of intent proves that this is a serious initiative based on a high quality proposal for cooperation in business, according to the Ministry of Industry, Energy and Mining of RS.
Kosmos was founded in 1959 as a company for overhauling radar, rocket and computer systems. Today, alongside that it overhauls automation systems, professional electronics for various purposes, combat and non-combat vehicles, as well as a wide range of power devices and systems. It employs nearly 170 people.