TIGAR AD REDUCED ITS DEBT PURSUANT TO THE MEASURES OF THE PPoR
On 02.12.2016 Tigar ad Pirot has carried out share subscription on the basis of the V emission of shares.
One of the measures envisaged by the legally adopted PPoR of Tigar ad Pirot being debt to equity conversion, on 13.09.2016, the Government of the Republic of Serbia passed the Conclusion where it is recommended that state creditors convert their receivables into the Company’s capital.
In the V emission conversion was carried out by: Republic Institute for Health Insurance, The Disability and Pension Fund of the Republic of Serbia, the city of Pirot as well as Jubmes bank a.d. Belgrade.
After conversion on the basis of the V emission was carried out for the sake of initial capital expansion, the Company’s capital has increased by 377.551.504, 00 RSD and now amounts to 1.020.255.544,00 RSD.
On the basis of this conversion, Tigar ad Pirot has reduced its debt for 377.551.504,00 RSD.
Conversion of receivables to Company’s capital represents one way of relieving the Company of excessive obligations from earlier periods, with the view to the recovery of the company and continuation of uninterrupted operations.