Croatia's Agrokor To Invest 40 Mln Euro in Wholesale Market in Macedonia

"The construction [of the wholesale market] should start in May and is expected to finish in 2009," the government said on its website.

The market, which will be located in the southeastern town of Strumica, is due to open in March next year.

In June 2007 Agrokor unveiled plans to invest in Macedonia 200 million euro in its core business, retail and food production, in the next two years as part of plans to expand further in southeastern Europe.

Agrokor owns a majority stake in Croatia's biggest retailer Konzum and owns stores in neighbouring Bosnia and Serbia. It also controls a number of food and beverage producers in those countries and Hungary.

Agrokor's revenue rose in 2006 by 20% to 15 billion kuna ($3.1 million/2.1 million euro), according to the latest data available.

Agrokor CEO Ivica Todoric owns 91.67% of the company stock. The other shareholder in Agrokor is the European Bank for Reconstruction and Development. Mineral water Jana, ice-cream Ledo and cooking oil Zvijezda are some of Agrokor's best known brands.

($ = 0.6743 euro)