Vujnovac reveals plans for an intended Fortenova IPO
<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Ebury-announces-plans-to-launch-IPO-in-2025-5465508766-iStock-1256321357.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">In December 2023, Vujnovac, who climbed the wealth ladder through Prvo Plinarsko Drustvo, a gas supplier, became the majority owner of Fortenova. This Balkan company is a leading food producer and retailer.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">According to Bloomberg’s Billionaire Index, Vujnovac owns approximately $765m in assets. The company will commence with its intended IPO as soon as it secured refinancing for a $1.3bn loan maturing in November this year. Vujnovac said:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">As far as I’m concerned, an IPO is the only serious solution for Fortenova … The right timing and a good representation are essential.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="auto">Fortenova’s non-sanctioned shareholders bought out and divested the sanctioned lenders, VTB Bank PJSC and SBK ART. The latter held more than 40% of the company’s shares, which, according to the European Union (EU), is effectively controlled by Sberbank PJSC.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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<p><span data-contrast="auto">Reportedly, the sanctioned owners hobbled the company’s power to secure better loan rates. HPS Investment Partners extended Fortenova’s main debt at an interest rate of Euribor plus 7.3%. Vujnovac further commented:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">Refinancing the loan is best done with regional banks. Fortenova is already in talks with some of them, and I don’t think there will be a problem to refinance it. We are the biggest corporate system in the region. There are several banks that are interested.</span></p></blockquote>
<p><span data-contrast="auto">According to Vujnovac, an <a href="https://www.leaprate.com/financial-services/exchanges/2024s-first-big-ipo-by-healthcare-provider-brightspring/" target="_blank" rel="noopener">IPO</a> would diversify ownership from different industries. The state restructured Fortenova, formerly named Agrokor, in 2018. This move converted creditors into shareholders.</span><span data-ccp-props="{"134233117":false,"134233118":false,"201341983":0,"335559738":0,"335559739":192,"335559740":240}"> </span></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/vujnovac-reveals-plans-for-an-intended-fortenova-ipo/">Vujnovac reveals plans for an intended Fortenova IPO</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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