BELGRADE/ZAGREB, Feb 19 (Hina) - Croatia's Agrokor concern on Wednesday became the majority owner of Belgrade's Frikom company by purchasing 55.49 percent of shares in the largest ice-cream and frozen food company in Serbia for US$11
million, Agrokor officials reported.
BELGRADE/ZAGREB, Feb 19 (Hina) - Croatia's Agrokor concern on
Wednesday became the majority owner of Belgrade's Frikom company by
purchasing 55.49 percent of shares in the largest ice-cream and
frozen food company in Serbia for US$11 million, Agrokor officials
reported. #L#
The Croatian company will make investments of $17.5 million during
the first year and in line with its strategy invest an additional
$18.5 million into a social programme intended for employees.
Frikom covers half of Serbia's market and is present in Macedonia.
Agrokor will use its new position to expand onto other markets in
the region, as well as Russia, with which Serbia has established a
privileged export regime for a large number of products.
By purchasing Frikom, Agrokor has become one of the largest
companies for the production of ice-cream and frozen foods in
Europe.
The agreement signed today stipulates that the Croatian company
will keep all 836 current Frikom employees over the next five years,
as well as pay $500 to each employee "as a gesture of good will,"
Agrokor's officials said.
(hina) lml sb