Agrokor Becomes Retail Leader in Bosnia and Hercegovina
Mar 28, 2007
Agrokor Signed an Agreement on the Takeover of Retail and Wholesale Businesses of VF Komerc
Mr Ivica Todorić, President of the Agrokor Group and Mr Jasmin Selmanagić, owner of VF Komerc have today signed an Agreement on the Takeover of Retail and Wholesale Businesses of VF Komerc.Besides Croatia, Agrokor has thus become market leader in food retail in Bosnia and Hercegovina, too and achieved one more goal within its long-term strategy of development of retailactivities, which is to become regional leader in food retail sales.
The retail network of Agrokor has been enlarged by 15 retail outlets of VF Komerc with a total sales area of 17,000 sqm, covering the entire territory of Bosnia and Hercegovina. In 2006 its total revenues amounted to KM 155 mil. This acquisition has ranked Agrokor on the top position according to total revenues of all retail activities. The total revenues in 2007 are expected to amount to KM 400 mil.
With such expansion in Bosnia and Hercegovina, which this time comprises a retail network, Agrokor has continued its investment cycle initiated in 1996. Agrokor was the first Croatian company to start its own production in Bosnia and Hercegovina and represents the largest Croatian investor in the economy of this country. Since the opening of its first company in Bosnia and Hercegovina Agrokor and its companies - Ledo, Ledo Čitluk, Jamnica, Sarajevski Kiseljak and Zvijezda – have invested more than KM 400 mil. into distribution and production. Agrokor has in a very short time become market leader in all the segments in which it made investments and considerably increased production and employment, including investments into high technology and distribution.
Mr Selmanagić has in the past ten years created one of the most successful companies in Bosnia and Hercegovina and reached an agreement with Agrokor for the further expansion and strategic development of this business while keeping all employees.