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A Serbian company today announced it is planning to raise capital and acquire an interest in the Israeli property developer Engel Europe.

Belgrade-based Beograd Film will need additional capital for the purpose, which will be determined at a shareholder meeting, scheduled for June 10, 2010. On completion of the due diligence process, Beograd Film and its partners intend to start preparing an offer to take over a stake in Engel Europe, which is traded on the Tel Aviv Stock Exchange.

By acquiring a share in Engel Europe, Beograd Film will be able to complete company projects, currently suspended due to the financial crisis.

Engel Europe deals with housing, industrial and business real estate construction in Israel Canada, and Europe.

In early 2007, a 70 pct share in Beograd Film, with 14 movie theaters, was sold at auction for EUR 9.0 mln to Nikola Djivanovic, owner of London-based real estate company JKR, and former advisor of the National Bank of Serbia. The employees and former workers received the remaining 30 pct of the company of shares.

On April 23, 2008, Nikola Djivanovic transferred his share in Beograd Film to Light Blue Trading Bahamas Limited.