Italian automobile manufacturer Fiat has postponed the scheduled signing of the annex of the agreement with Serbian government on forming a joint company Fiat Automobiles Serbia.

Daily Danas reports that the document will not be verified as the Italian partners have not yet submitted a business plan for the new company.

“We really do not know what is going on anymore,” Zastava administration told the daily.

Serbian economy ministry said that the annex is ready, but that the Italian partners must wrap up “some other, final formalities” in order to begin work, the daily reports.

Fiat signed a memorandum of understanding with the Serbian government for the acquisition of Serbia's state-owned car factory Zastava in May 2008 that presages the establishment of the new company.