Nov 18, 2005. /Lesprom Network/. Serbia sold on Thursday a majority stake in its paper producer Fabrika Hartije at the starting price of 94.367 million dinars (Euro 1.1). The buyer of 70% stake in Fabrika Hartije, Croatia's paper maker PAN - Papirna Industrija, will have to invest at least 425.373 million dinars in the modernization of the company, Serbian government's Privatisation Agency said in a statement. PAN - Papirna Industrija will also have to repay the paper producer's 261.434 million dinars outstanding debts. Serbia's government kept the balance of 30% in Fabrika Hartije. Fabrika Hartije, set up in 1927, reported a revenue of Euro 1.3 million for the last year, up from Euro 1.1 million for 2003.