VILNIUS — Hold the champagne.

The Lithuanian Alita beverage company, famous for producing the bubbly stuff for its native country, received official demands Friday to pay €21.4 million to the Share Fund of the Republic of Serbia and the Privatization Agency of the Republic of Serbia after the Lithuanian company failed to invest €2.6 million into a brewery they bought in 2007.

The two Serbian bodies moved to terminate the consortium of Alita and United Nordic Beverages set up to purchase [private_supervisor]Beogradska Industrija Piva company earlier this month.

Alita Director General Vytautas Junevicius confirmed in a statement to the Vilnius NASDAQ OMX stock exchange that the Serbs had canceled the deal on account of failure to invest and that they would be demanding money from the Lithuanians.

The Serbs are demanding 50 percent of the amount of the purchase of the original shares, double the value of the transferred fixed assets of the company, which included real estate owned by the brewery, and a further 100 percent claim on the price of the shares.

In a public statement, Alita said it was considering the situation, but added that the amount demanded is unclear.

“The exact amount of the claimed contractual penalties is not clear at the moment. However, it is obvious that the amount of contractual penalties shall exceed the price of the shares paid by the buyer,” Junevicius said. He added that the company would challenge the charges.

When contacted by Baltic Reports, Alita declined to comment.

Alita bought the 51.9 percent of the shares of the Serbian brewery in 2007 along with United Nordic Beverages.

Meanwhile, on Feb. 17 the share fund and agency submitted demands for payment of €2.6 million under the bank guarantee issued by Swedbank to secure the buyer’s obligations from the original agreement.

Alita is owned by a number of investors, the primary being Junevičius with 41.9 percent, Arvydas Jonas Stankevičius with 16.7 percent, Vilmantas Pečiūra with 12.5 percent and Darius Vėželis 12.5 percent.[/private_supervisor] [private_subscription 1 month]Beogradska Industrija Piva company earlier this month.

Alita Director General Vytautas Junevicius confirmed in a statement to the Vilnius NASDAQ OMX stock exchange that the Serbs had canceled the deal on account of failure to invest and that they would be demanding money from the Lithuanians.

The Serbs are demanding 50 percent of the amount of the purchase of the original shares, double the value of the transferred fixed assets of the company, which included real estate owned by the brewery, and a further 100 percent claim on the price of the shares.

In a public statement, Alita said it was considering the situation, but added that the amount demanded is unclear.

“The exact amount of the claimed contractual penalties is not clear at the moment. However, it is obvious that the amount of contractual penalties shall exceed the price of the shares paid by the buyer,” Junevicius said. He added that the company would challenge the charges.

When contacted by Baltic Reports, Alita declined to comment.

Alita bought the 51.9 percent of the shares of the Serbian brewery in 2007 along with United Nordic Beverages.

Meanwhile, on Feb. 17 the share fund and agency submitted demands for payment of €2.6 million under the bank guarantee issued by Swedbank to secure the buyer’s obligations from the original agreement.

Alita is owned by a number of investors, the primary being Junevičius with 41.9 percent, Arvydas Jonas Stankevičius with 16.7 percent, Vilmantas Pečiūra with 12.5 percent and Darius Vėželis 12.5 percent.[/private_subscription 1 month] [private_subscription 4 months]Beogradska Industrija Piva company earlier this month.

Alita Director General Vytautas Junevicius confirmed in a statement to the Vilnius NASDAQ OMX stock exchange that the Serbs had canceled the deal on account of failure to invest and that they would be demanding money from the Lithuanians.

The Serbs are demanding 50 percent of the amount of the purchase of the original shares, double the value of the transferred fixed assets of the company, which included real estate owned by the brewery, and a further 100 percent claim on the price of the shares.

In a public statement, Alita said it was considering the situation, but added that the amount demanded is unclear.

“The exact amount of the claimed contractual penalties is not clear at the moment. However, it is obvious that the amount of contractual penalties shall exceed the price of the shares paid by the buyer,” Junevicius said. He added that the company would challenge the charges.

When contacted by Baltic Reports, Alita declined to comment.

Alita bought the 51.9 percent of the shares of the Serbian brewery in 2007 along with United Nordic Beverages.

Meanwhile, on Feb. 17 the share fund and agency submitted demands for payment of €2.6 million under the bank guarantee issued by Swedbank to secure the buyer’s obligations from the original agreement.

Alita is owned by a number of investors, the primary being Junevičius with 41.9 percent, Arvydas Jonas Stankevičius with 16.7 percent, Vilmantas Pečiūra with 12.5 percent and Darius Vėželis 12.5 percent.[/private_subscription 4 months] [private_subscription 1 year]Beogradska Industrija Piva company earlier this month.

Alita Director General Vytautas Junevicius confirmed in a statement to the Vilnius NASDAQ OMX stock exchange that the Serbs had canceled the deal on account of failure to invest and that they would be demanding money from the Lithuanians.

The Serbs are demanding 50 percent of the amount of the purchase of the original shares, double the value of the transferred fixed assets of the company, which included real estate owned by the brewery, and a further 100 percent claim on the price of the shares.

In a public statement, Alita said it was considering the situation, but added that the amount demanded is unclear.

“The exact amount of the claimed contractual penalties is not clear at the moment. However, it is obvious that the amount of contractual penalties shall exceed the price of the shares paid by the buyer,” Junevicius said. He added that the company would challenge the charges.

When contacted by Baltic Reports, Alita declined to comment.

Alita bought the 51.9 percent of the shares of the Serbian brewery in 2007 along with United Nordic Beverages.

Meanwhile, on Feb. 17 the share fund and agency submitted demands for payment of €2.6 million under the bank guarantee issued by Swedbank to secure the buyer’s obligations from the original agreement.

Alita is owned by a number of investors, the primary being Junevičius with 41.9 percent, Arvydas Jonas Stankevičius with 16.7 percent, Vilmantas Pečiūra with 12.5 percent and Darius Vėželis 12.5 percent.[/private_subscription 1 year]

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