East Point Holding Ltd CEO Zoran Drakulic said that Serbian Anti-Corruption Council's recent initiative to prevent any off-shore company from buying local firms is unacceptable. East Point Holding Ltd. is a reputable company with world-wide operations and an annual turnover of some $250m, he stressed.

The Cyprus-based firm has already purchased seven companies in Serbia and has plans to invest E30m in its local acquisitions this year. According to Drakulic, the company has boosted production in its acquisitions without cutting jobs and has plans to invest 70% of its total sell-off commitments over the next two years to raise output even further.

Last year, East Point Holding Ltd. purchased Sevojno-based copper rolling mill Valjaonica Bakra and cable maker Fabrika Kablova Zajecar via tenders, taking over the remaining five companies at public auctions.

(NewsBase 26.i.04)