[Serbia] Rubin Acquires Stake In Srpska Fabrika Stakla

Bulgarian glassmaker Rubin has acquired a 63.6% stake in Srpska Fabrika Stakla, owned by Serbian state-owned gas monopoly Srbijagas. The acquisition, priced at EUR 35M, is backed by Bulgaria's Corporate Commercial Bank, as reported by Srbijagas general manager Dusan Bajatovic during a news conference in Belgrade after signing the contract. Rubin, which already had a 34.49% stake in the Serbian company, said it will invest EUR 22M in 2013 to expand production facilities for glass packaging, mainly beer bottles in the facility in Paracin, 155 kilometers (96 miles) south of Belgrade. The company plans to triple output within a year to an annual 120,000 tons of glass.