Pavao Vujnovac announced that he aims to publicly list the shares of Fortenova Grupa as soon as the company refinances its hefty rescue loan. In an interview on Wednesday, the Croatian capitalist indicated an IPO is the only solution he sees for Fortenova.
Vujnovac reveals plans for an intended Fortenova IPO
In December 2023, Vujnovac, who climbed the wealth ladder through Prvo Plinarsko Drustvo, a gas supplier, became the majority owner of Fortenova. This Balkan company is a leading food producer and retailer.
According to Bloomberg’s Billionaire Index, Vujnovac owns approximately $765m in assets. The company will commence with its intended IPO as soon as it secured refinancing for a $1.3bn loan maturing in November this year. Vujnovac said:
As far as I’m concerned, an IPO is the only serious solution for Fortenova … The right timing and a good representation are essential.
Fortenova’s non-sanctioned shareholders bought out and divested the sanctioned lenders, VTB Bank PJSC and SBK ART. The latter held more than 40% of the company’s shares, which, according to the European Union (EU), is effectively controlled by Sberbank PJSC.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Reportedly, the sanctioned owners hobbled the company’s power to secure better loan rates. HPS Investment Partners extended Fortenova’s main debt at an interest rate of Euribor plus 7.3%. Vujnovac further commented:
Refinancing the loan is best done with regional banks. Fortenova is already in talks with some of them, and I don’t think there will be a problem to refinance it. We are the biggest corporate system in the region. There are several banks that are interested.
According to Vujnovac, an IPO would diversify ownership from different industries. The state restructured Fortenova, formerly named Agrokor, in 2018. This move converted creditors into shareholders.
