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The Government of the Republic of Serbia

In the service of citizens

Zekstra enters strategic partnership with Novitet from Novi Sad

Belgrade, 15 March 2004

The Serbian Privatisation Agency and the Zekstra company for production and sale of retail and wholesale goods from Belgrade signed on March 11 an agreement on the sale of 70 percent of socially-owned capital of the Novitet company from Novi Sad for €2,200,000. The buyer pledged to invest €1,026,300 in the company, read a statement by the Privatisation Agency.

The new owner of Novitet pledged to fulfill the social welfare programme and not to layoff workers in the course of the next year. The buyer also committed not to sell the company or change its main field of activity without the prior consent of the Privatisation Agency.

The second-ranked bidder at the tender was Nikola's from Belgrade, who offered €625,000 for the 70 percent of the company's socially-owned capital and €1,026,300 in investment. Nikola's also fully accepted the company's social welfare programme.

Novitet was completely socially-owned, meaning that 70 percent of its socially-owned capital represents 70 percent of its total capital.

Novitet was founded in 1947, with 100 percent of socially-owned capital. It is a manufacturer of both men's and women's clothes, but it specialises in the production of coats, jackets, raincoats and suits. It is one of the country's major textile producers. Novitet employs around 750 workers and has the ISO 9001 certificate. It used to be the country's major exporter of textile goods, but since 1998 it has been selling as much as 95 percent of its products on the local market.

The Zekstra company was founded in early 1980s. Its owner and founder is Dragan Djuric. At first, the company specialised in making baby equipment but than expanded its field of activity to producing textile, especially men's suits, which are today its trademark.

Zekstra is one of the leading exporters of textile goods and semi-finished products to EU markets, especially Italy.

Zekstra is the authorised agent of the world-famous fashion companies, such as MaxMara, Marina Rinaldi and Diesel.