PROJECT

Projects

Summary of Proposed Investment

Project Number

27135

Company Name

PIK VRBOVEC-MESNA INDUSTRIJA d.d.

Date SPI Disclosed

Apr 21, 2008

Country

Croatia

Industry

Agribusiness and Forestry

Projected Board Date

May 30, 2008

Status

Completed

Sector

Animal Slaughtering and Processing

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Jun 4, 2008
Signed : Jun 5, 2008
Invested : Jul 31, 2008

Project Description

PIK Vrbovec, a fresh and processed meat product company in Croatia, and Belje, a farm with over 20,000ha of agricultural land, dairy, cattle and swine livestock in Eastern Croatia, had suffered from the war and lack of strategic investments in the past. The Agrokor group has heavily invested in their modernization since their acquisition in 2005. IFC, through a €40 million loan in 2006, partly financed the corporate restructuring, modernization and turnaround of those companies. The proposed project is a continuation of the post-privatization investments in PIK Vrbovec and Belje, to finance capital expenditures and expand PIK Vrbovec and Belje’s businesses, increase production capacity and improve efficiency.

Sponsor / Cost / Location

Development Impact