SERBIA: The government has sold a 90·6% stake in rail infrastructure construction and maintenance company ZGOP to Kazakh transport infrastructure contractor Zhol Zhondeushi for €3·6m. The contract was signed on February 8.

ZGOP is based in Novi Sad and has 290 employees. Austrian, Russian, Chinese, French and Turkish companies has expressed interest in the privatisation process, but the Astana-based firm was the sole company to submit a bid.

Zhol Zhondeushi said the acquisition was attractive because international bodies including the European Bank for Reconstruction & Development were providing Serbia with loans to finance railway rehabilitation projects.