An agreement on sale of Elektroizgradnja company from Bajina Basta to Slovenia's Javna Rasveta amounting to about EUR 730,000 was signed in the Privatization Agency of the Republic of Serbia on Wednesday.

The agreement envisages the sale of 70.43 percent of shares of the Serbian company, investments of EUR 600,000 in the next three years, and as said at a press conference, the first joint venture - lighting of the Strazevica tunnel near to Belgrade amounting to EUR 1.8 million.

The Slovenian company accepted all obligations stipulated by the social program including no dismissal of redundant workers in the next four years, whereas exceptions can be made only with consent of a respective union and stimulation severance pays.

The agreement was signed by Privatization Agency Director Vladislav Cvetkovic and Javna Rasveta Executive Director Stanko Furlan, in the presence of Slovenian Ambassador Franc But.

Elektroizgradnja from Bajina Basta, western Serbia, is an open joint stock company with 279 employees which produces electrical and telecommunication cables.

Javna Rasveta is a successful Slovenian company, which has over 100 years of tradition in construction and maintenance of public lighting. The company is doing business in the entire territory of Slovenia with headquarters in Bratislava and Belgrade and about 130 employees.