JAT Tehnika sold to Czech company Avia Prime

Friday, 29. Nov 2019.

At the proposition of the commission for the execution of the procedure of public collection of bids with public bidding, the Ministry of Economy adopted the decision on November 26, 2019, whereby the Prague-based company Avia Prime was pronounced the purchaser of a 99.3834% stake in JAT Tehnika.

The application deadline for the purchase of the sales documentation was November 6, 2019. Two companies applied, SR Technics from Switzerland and Avia Prime from the Czech Republic, which was then the only one to apply for taking part in the procedure.

Avia Prime: We will turn JAT Tehnika into a world-class company

Avia Prime is the 100%-owner of Adria Tehnika from Slovenia and Linetech from Poland. Once the transaction is finalized, this aircraft MRO company will be able to offer 34 positions for aircraft maintenance to airline carriers and operators.

– We thank the Government of the Republic of Serbia for this opportunity and for carrying out this demanding process. We will put maximum effort into turning JAT Tehnika into a world-class MRO company – said Piotr Kaczor, CEO of Avia Prime.

– The air service market is constantly changing, and the past two years in Europe have shown that only big and strong MRO companies can withstand the sudden changes in the market. That is why our status as a group is useful to all – Avia Prime is solidifying its position in the market and increasing its capacities, and JAT Tehnika is becoming part of a larger entity – said Krzysztof Pietkun, vice president of Avia Prime and president of Linetech.

– The MRO industry in Europe promises a very dynamic development in the upcoming years. We are satisfied for the fact that we invested in Avia Prime Group over a year ago, we see that the company is growing and we are eagerly awaiting further development together with JAT Tehnika – said Jozef Janov, a partner at the Hartneberg Holding investment fund, one of the largest shareholders in Avia Prime Group.

– With this transaction, we have made a step forward in the development of JAT Tehnika and the entire Avia Prime Group, pushing the boundaries of the MRO industry by entering Serbia – said Dejan Kostic, vice president of Avia Prime.

JAT Tehnika, whose seat is located at the Belgrade Nikola Tesla Airport, will be the fourth aircraft maintenance location for Avia Prime Group, after the airports in Ljubljana, Slovenia, and Katowice and Rzeszow, Poland.

Let us remind that the Ministry of Economy put JAT Tehnika up for sale through a procedure of public collection of bids on October 25, 2019.

As it was said in the tender at the time, according to the report by the authorized valuer, the company’s value on the date of December 31, 2018, amounted to EUR 20,499,814, whereas the initial price was 50% of the estimated market value, that is, around EUR 10.2 million.

The subject of the sale was 95.4093% of the total capital the Republic of Serbia owns in the company, the share of 2.7273% of the total capital owned by the Pension and Disability Insurance Fund of the Republic of Serbia, the share of 1.0804% of the total capital owned by the National Health Insurance Fund and the share of 0.1574% of the total capital owned by the National Employment Service.

Also up for sale was the share of 0.6256% of the total capital owned by the local self-governments, the Municipality of Pecinci, the City of Pancevo, the Municipality of Alibunar, the Municipality of Kovin, the City of Vrsac and the Municipality of Arandjelovac.

Let us remind that the previous tender for the privatization of this company, which repairs and maintains aircraft and spacecraft, opened in early September. On October 13, the Ministry of Economy decided to terminate the procedure of the privatization of JAT Tehnika. The first invitation opened in June.

On November 12, JAT Tehnika got the EASA Part 145 authorization for line and base maintenance of the Russian regional passenger aircraft Sukhoi Superjet 100 (SSJ 100).

Source: eKapija

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