Frank Media learned about Sberbank’s loss of €700 million in the sale of Fortenova
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Sberbank sold its 43% stake in Croatian company Fortenova Group to UAE investor Saif Alketbi for €400 million, i.e. less than half of its €1.1 billion investment in this company. Frank Media with reference to sources. At the same time, according to the publication, the structure pledged for the debts of the new investor was under restrictions.
Fortenova is one of the most famous food retailers and agricultural producers in Croatia. Its headquarters is in Zagreb.
The Russian state bank sold its stake in the Croatian retailer for €400 million. The deal was financed by Gazprombank. Saif Alketbi owns two companies in Russia: SBK Art and Aivazovsky Invest. The first is a shareholder of Fortenova, it came under the control of Mr. Alketbi on October 31. The second has a minimum authorized capital; the investor has owned it since November 9, 2022. Both companies are pledged to Gazprombank.
According to the interlocutor of Frank Media, Gazprombank transferred 24 billion rubles to Aivazovsky Invest. to buy Sber’s stake in Fortenova. Two weeks after the deal, the Croatian authorities secured the inclusion of SBK Art in the ninth EU sanctions package. However, Sberbank has the right to sell or transfer rights to assets in EU countries until June 17, 2023.
Sberbank became the largest shareholder of Fortenova Group in 2018. JPMorgan investment bank valued Fortenova at $3 billion at the end of 2021. After Sberbank fell under sanctions, it had to restrict the rights of shareholders who are under EU, UK or US sanctions.
Read more about the sale – in the material “Such a share fell to Sberbank”.
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