"East point" announced investments worth 110m EUR in 2009 - 30m EUR for baking industry in Serbia

(Zoran drakulić)

The President of company "East Point", Zoran Drakulić, announced that that company would invest 110m EUR in its operations in 2009.

Drakulić said to Beta agency that 60m EUR would be invested in Serbia, 30m of which in baking industry.

As he explained, part of the funds will be intended for construction of new baker on the Pančevo road, while about 10m EUR will be invested in the chains of small bread stores and coffee shops "Point kafe".

Drakulić said that about 17m EUR would be invested in Yugoslav River Shipping and that the sales contract should be signed in February.

As he explained, 20m EUR worth of investments in Novi Sad-based cable factory "Novkabel" are also in the pipeline. "East Point" was the only bidder on the tender for sale of that company and the sales contract should be signed soon as well.

According to the words of Drakulić, the global financial crisis led to drop in production in Copper Mill "Sevojno" in November 2008 by 10% and by 15% in December. It is expected that the production will be even more reduced in the first two quarters of year 2009.