Sberbank sold its stake in Fortenova Group
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Sberbank has sold its 43% stake in Fortenova Group to UAE investor Saif Alketbi. This was reported in a press release from the company, which Kommersant has.
Fortenova Group is one of the market leaders in Croatia for the production and retail of food products, headquartered in Zagreb. Saif Alketbi, according to a press release from Sberbank, is a major investor from the UAE, whose assets include real estate, technology and high-tech companies.
In February, Sberbank came under US sanctions due to a military operation in Ukraine. In April, these sanctions were supplemented by a freeze on the bank’s assets and a ban on American citizens from doing business with it. In June, the European Union disconnected Sberbank from the SWIFT system.
Sberbank became the largest shareholder of Fortenova Group in 2018. After the bank was sanctioned, it restricted the rights of shareholders under EU, UK or US sanctions. According to the bank’s order, they could not own shares of more than 50% of the shares.
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