Naftna Industrija Srbije a.d. completed the acquisition of additional 69.14% stake in HIP-Petrohemija d.o.o. Pancevo from Serbia.
Naftna Industrija Srbije a.d. (BELEX:NIIS) completed the acquisition of additional 69.14% stake in HIP-Petrohemija d.o.o. Pancevo from Serbia on June 9, 2023. With this transaction, Naftna Industrija Srbije will increase the ownership share in HIP Petrohemija from the previous 20.86% to 90% of shares with the obligation of a monetary recapitalization in the amount of EUR 150 million (RSD 17.59 million) and the construction of a polypropylene production plant with a capacity of at least 140,000 tonnes per year within six years. Naftna Industrija Srbije made the first payment of RSD 5.86 by the date of acquisition whereby the rest of the obligation of RSD 11.7 will be paid in accordance with the agreement.