Bulgaria's Trace Group, Unit Sign 5.5 Mln Euro Road Upgrade Deal in Serbia
A joint venture between Bulgaria's Trace Group Hold and its Serbian unit Trace PZP Nis signed on August 17 a 652.7 million dinars ($6.3 million/5.5 million euro) road modernisation deal with Serbian state-run road operator Putevi Srbije, the Sofia-based construction company said on Monday. The deal envisages the modernisation of a 12-kilometre road section between Vlasotince and Svode, in southern Serbia, within 15 months, Trace Group Hold said in a bourse filing. The contract will be financed with funds from the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB) and the Serbian budget. Earlier this month, Trace PZP Nis absorbed two units of Trace Group Hold - Trace PZP Vranje and New Bridges and subsequently changed its name to Trace Serbia.