Another subsidy for company from Chinese Minth Group

The company Minal Europe Green Material doo Sabac, which is part of the Chinese Minth Group, has received subsidies of EUR 4.51 million from Serbia. Under the contract, the company should invest money in the construction of a new facility for the production of aluminum alloys in Sabac.

With the realization of this project, as said, by the end of 2025, at least 100 new workers should be employed, and the money that Minal has received from the state will be paid in two tranches. The first tranche will be paid in 2025 in the amount of 60.31% of the funds, that is, EUR 2.7 million, if the company employs 55 new workers and invests EUR 23.16 million. The second tranche will be paid in 2026 in the amount of 39.6% of the funds, that is, EUR 1.79 million, after the company submits proof that it has fulfilled EUR 12.13 million and employed another 45 new workers for an indefinite period of time.

After meeting the obligation of employment, the beneficiary obliges to regularly pay the basic salary, which is at least 20% higher than the minimum wage, to each employee and to not reduce the number of employees to below 100 in the period of five years from the completion of the project and to not reduce the value of the material and non-material assets.

Minal Europe Green Material was founded in December 2021 and is owned by the company Cheerplan Limited from Hong Kong, which produces components and additional equipment for motor vehicles. They didn’t have any employees at the moment the application for the allocation of the funds was submitted.

Minal is part of Minth Group, which designs, produces and sells equipment, decorative parts, car body parts, roof racks and other related car parts and has production bases in China, USA, Mexico, Thailand and Germany, as well as technical centers in China, Germany, North America and Japan.

In 2022, Minth Group had a consolidated income of around EUR 2.2 billion and employed around 18,800 workers.

Minal Europe Green Material doo Šabac

Minal Europe Green Material doo Šabac

Cheerplan Limited

Minth Group