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Croatia's CERP to sell depositary receipts of Dutch-based Fortenova Group STAK Stichting

Author Annie Tsoneva
Croatia's CERP to sell depositary receipts of Dutch-based Fortenova Group STAK Stichting Photo: All Rights Reserved

ZAGREB (Croatia), June 8 (SeeNews) - Croatia's state-owned fund for enterprise restructuring and privatisation, CERP, said on Wednesday it is offering for sale its entire interest of 351,880 depositary receipts of Dutch-registered foundation Fortenova Group STAK Stichting, or 0.1178% of all depositary receipts issued by the foundation, at a starting price of 4.75 million kuna ($678,000/631,000 euro).

The foundation Fortenova Group STAK Stichting represents the ownership body of Amsterdam-registered Fortenova Group Holdco B.V., which is the single shareholder of Croatia's Fortenova Group, the successor to the collapsed food-to-retail concern Agrokor.

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“The aim of the sale of the depositary receipts is Croatia's exit from the company's shareholders' structure, in line with the obligations that Croatia has taken with its Recovery and Resilience Plan”, CERP spokeswoman Tijana Hrvojevic Matkovic told SeeNews in an e-mailed statement.

CERP obtained the depositary receipts in the process of supervision of indebted Agrokor, its subsidiaries and affiliated companies as settlement for CERP's recognized receivables of 89.7 million kuna, she explained.

The nominal value of the 0.1178% stake is 1.86 million euro, according to a CERP decision from May 31 initiating the sale process. The depositary receipts will be sold at a public auction to be held at the CEPR premises in Zagreb 45 days after the publishing an invitation for the sale.

All of Agrokor's assets except Slovenia's largest grocery retailer, Mercator, were transferred to Fortenova Group under a debt settlement agreement with Agrokor's creditors in 2019. Fortenova is Croatia's largest privately-owned company and one of the biggest companies in Southeast Europe. It has over 50,000 employees and operates in three core activities: agriculture, retail and food, as well as non-core operations. It has manufacturing plants in several countries.

It owns Mercator, and the biggest food retail chain in Croatia, Konzum. Konzum and Mercator together have a significant market share in Bosnia and Herzegovina.

In April, Fortenova said its biggest shareholder, Russia's top lender Sberbank, signed an agreement to sell its 44% stake in the Fortenova Group to Hungarian asset manager Indotek.

(1 euro=7.522 Croatian kuna)

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