Special meeting of stockholders of "Tigar" on February 27 - possible sale of 30% share in joint venture with company "Michelin"

- Administrative Board of Pirot-based “Tigar" corporation has made the decision about organization of the special meeting of the stockholders on February 27, 2008. The subject of the meeting will be making of the decision about sale of “Tigar’s“ share of 30% in the joint venture it founded with French company “Michelin" - Communication Center of that company announced.

According to the statement, the Business plan of the company for period between 2008 and 2010 was adopted at the last meeting of the Administrative Board, on December 28, 2007.

- The adopted plan anticipates intensive development of the whole business system. The primary focus will be placed on the departure from the project where this corporation is minority partner and on the strengthening of the companies that are controlled, as well as on the introduction of new programs that guarantee leading position. Having in mind the minority status in the joint venture, as well as investment plans of "Michelin" as majority owner, that is, the development trend expressed by other dependent companies that are controlled, Administrative Board of the corporation is of the opinion that the decision about sale of minority share will contribute to quicker development of the entire business system - it is stated in the announcement and it is added that the possitive effects of that transaction, which should be carried out prior to year 2010, will enable ralization of about 15m EUR worth of investments in 2008.