Minister of Economy and Regional Development Nebojsa Ciric attended yesterday the signing of a purchase agreement by which Victoria Group became majority owner of sugar plant Zrenjanin.
Ciric pointed out that the agreement worth RSD 400 million was signed by general manager of Victoria Group Nikola Vujacic and Director of the Privatisation Agency Vladislav Cvetkovic.
He pointed out that the buyer agreed to invest at least RSD 50 million and hire at least 150 employees, noting that the value of output will be more than €100 million a year.
The production of the new plant will go to exports, and will serve as part of import substitution for domestic purposes, he said.
Vujacic said that a completely new plant will be built within the Zrenjanin sugar plant.
He explained that the current building will be turned into warehouses.
Due to financial difficulties, the Zrenjanin plant halted production in 2009 and went bankrupt, and the Privatisation Agency was appointed as bankruptcy trustee.
Victoria Group from Novi Sad offered RSD 400 million for the purchase of movable and immovable property of the sugar refinery and thus became its owner.
Victoria Group is one of the leading agroindustrial companies in Serbia and the region, which has recorded a dynamic growth over the past few years.
(Government of Serbia)