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Project Financing of Frikom Extension in Serbia


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Business News show that Frikom is a leading ice cream, frozen food and frozen pastry producer in Serbia. In 2008, the company acquired Nova Sloga, a former Serbian state-owned mineral water, fruit and vegetable producer.

The proposed project is to provide long term project financing for the modernization of Frikom, and for the post-privatization investments in Nova Sloga. The Project Finance includes the expansion of production capacity in frozen fruits & vegetables, ice-cream and mineral water, investments in storage and retail space, the establishment of fresh fruit and vegetable purchasing, and efficiency improvements.

Agrokor owns 95.83% of Frikom. The minority holding in Frikom is owned by the Serbian privatization fund (3.75%) and other small shareholders. Nova Sloga is 100.00% owned by Frikom.

The total Project Finance cost is estimated at €40 million. Hindmarsh LLC t/as Hindmarsh Finance proposed to finance this with an IFC loan investment of €30 million, and the remaining €10 million to be in the form of a parallel commercial loan.

Frikom’s ice-cream and cold storage plants are located in Belgrade, Serbia. Nova Sloga is located in Serbia, in the Rasina area, which is renown as a rich agricultural area with over 160,000 hectares of arable land.