"Michelin" to pay 6.4m EUR in December to become 100% owner of company "Tigar Tyres"

- By paying total of 6,395,715 EUR in December, "Michelin" will become the 100% owner of company "Tigar Tyres" - people from company "Tigar" announced.

According to the announcement, at the meeting on November 13th, the Administrative Board of "Tigar" also adopted the Decision that makes it possible for "Tigar" to sell its remaining share, based on the contract with company "Michelin" on takeover of the factory for production of pneumatics, in December. "Tigar" used to have the share of 30% in the joint investment with company "Michelin", 10% of which were sold in 2008, the other 10% were sold to company "Michelin" in February 2009, while the remaining 10% will be sold in December.

Based on the trends in the capital market, the Administrative Board of "Tigar" made the decision to intervene in the capital market by purchasing up to 5% of its own stocks.

It is stated in the announcement that company "Tigar" registered the incomes of 2.9 billion RSD in the first nine months of year 2009, at the consolidated level, while the profit before taxation amounted to 92m RSD. Mother company "Tigar" registered the incomes of 584m RSD and the expenditures in amount of 470.8m RSD.

New factory "Tigar tehnička guma" (Tigar Technical Rubber), which produces compressed rubber products, rubber profiles and tubing for building and automotive industry, rubber-metal products for all types of industries and mining, products for road and rail infrastructure and products for military purposes, was put in operation in October.

At the same time, the company bought a part of Danish company "Bilgutex", which produces ready-made products of recycled rubber, in November.