“Irva Nic Co” has invested 70 millions EUR in purchased companies – possible sale of AIK bank shares

“Irva Nic Co” group has invested in the last 12 months 70 millions EUR in the purchase of companies and modernization of production in Serbia, as stated by the President of this group, banker and businessman Djordje Nicovic.

He said that “Irva Nic Co” has hired 12.000 people, after taking over of Agricultural – industrial combine “Becej”, at the beginning of July, and it manages 24 companies, among which are “Prvi maj”, “Niteks” and “Rudnik” from Gornji Milanovac.

- Textile complex of three companies has been paid around 6,5 millions EUR, but close to 29 millions EUR was only given for accepted debts and 10 millions EUR of investments in their renovation – said Nicovic.

According to his words, close to 90% of the companies in the system is working positively; “Prvi maj” has manufactured 10.000 suits in several months period, which is more than in the entire last year; it will not have losses from August, and together with “Kluz” from Ruma, it is working for Italian companies “Stefanel”, “Armani” and “Max Mara”.

For now, we are just consolidating the system, dealing with company’s debts and working on securing funds for investing, but if there appears a good opportunity for new acquisitions, we will buy it. It is realistic that we can invest many more – said Nicovic.

With the purchase of PIK “Becej”, 2nd largest in Serbia, of 30 millions EUR, it was a conclusion to their business in agriculture.

They will also consider a possibility to sell a part or a package of 14% of shares of AIK bank, if ATA bank from Greece would announce its offer for taking over.