"Našicecement" fulfilled investment and social program from contract on purchase of "Polet" - new investments worth 22.3m EUR in 2009

Company "Našicecement", a member of Croatian Nexe group, announced that it had fulfilled the investment and social program from the contract on purchase of public capital of the building material industry "Polet" from Novi Bečej.

"Našicecement" bought 201,190 stocks of "Polet" for 12.5m USD in 2003 and accepted obligatory three-year investment program worth 25m USD and 7m USD worth of five-year social program.

Within five years, "Našicecement" reconstructed and modernized two tile production units in "Polet" and put the new line for production of floor ceramic tiles into operation.

Total of 750,000 USD was set aside for additional education and advanced training for the workers of "Polet" and 1m USD worth of five-year financing of workers' loans for residential construction was also realized.

During three years, up to 100,000 USD was set aside every year as an aid to local community.

Nexe group announced that it would start construction of 22.3m EUR worth of new tile factory and unit for dry processing of products in 2009.

Privatization Agency of Serbia informed "Našicecement" that it had fulfilled all obligations from the contract on May 21, 2008.