"Tigar" to buy property of "Dragoš" and expand industrial complex by 6.8 ha

The Administrative Board of Pirot-based corporation "Tigar" made the decision at the last meeting to buy the property of public company "Dragoš" in bankruptcy - former factory of wool and leather, and thus expands the company's industrial complex by 6.8 ha.

- In that way, "Tigar" will provide the base to create and complete the industrial space that is required for realization of the programme plans in the following period - the President of "Tigar" corporation, Dragan Nikolić, told Beta agency.

He added that the product portfolio of chemical products would be, most likely, modernized in that location.

- The space for construction of new fulling mill will be created in the near future. There will also be our logistics center and warehouses. The takeover of this property also creates conditions for new portfolios, some new solutions and plans - said Nikolić.

According to his words, the works on clearing and cleaning that property and organizing infrastructure will start as soon as weather allows in order for the conditions to be created for new product portfolios that "Tigar" intends to settle there.

- Major share of works will be finished in 2010, and the programme will get its purpose in 2011 - said Nikolić and added that the investment activity of "Tigar" will be resumed in that way.

Nikolić said that the corporation required about 20m EUR for all development programmes in the following period, including the one in the space of "Dragoš".

- We will do our best to provide these funds through credit arrangements and from our own sources. We need that money to complete the principal part of our programmes, including the ones that concern the hotel on Stara mountain - said he.

Nikolić added that "Tigar" expected the terms of support to investments in Serbia to be improved in the following period.

- We believe in that and that that time has to come. We also believe that there will be many investments in infrastructure in the following period. Simply, we count on the prosperity of our business and creation of a healthy base for investments. This deal with "Dragoš" is only one more step towards completion of the whole industrial complex - Nikolić explained.