EBRD LOAN FOR FRIKOM
Jan 21, 2004
EBRD and Frikom AD, the biggest ice-cream and frozen food producer in Serbia and Montenegro, signed an Agreement today at the Crystal Ballroom of the Hyatt Hotel in Belgrade, whereby EBRD granted a loan amounting to EUR 13.1m to Frikom. The Agreement was signed by Hans Christian Jacobsen, Director of Agribusiness at EBRD, Ivica Todorić, President of the Agrokor Group and President of the Management Board of Frikom and Željko Brozović, General Manager of Frikom. The Agreement was signed for a term of six years and by the proceeds thereof Frikom shall improve its operations and increase efficiency, extend its distribution network and raise corporate governance to an international level by introducing best practice and accounting standards. Frikom has been part of the Agrokor Group since February 2003, when Agrokor made the best offer for the acquisition of 55.49% of the company's shares at a public tender.