Sberbank sells its stake in the Croatian Fortenova Group to an Emirati investor

Russian Sberbank announced the sale of a 43% stake in the Croatian Fortenova group to an Emirati investor, Saif Al-Kutaibi.

Al-Kutaibi owns real estate and high-tech companies, and his investments depend on a variety of transactions and private capital, according to Sberbank.

Fortenova Group is one of the leading Croatian food production and trade companies headquartered in Zagreb.

In 2019, Sberbank Group acquired 40% of the assets of Fortenova Group Topco, a subsidiary of Fortenova Group, which is managed by Agrokor, the largest Croatian food trading company.

In the spring of 2021, Sberbank increased its stake in the Croatian Fortenova to 34%, acquiring a 4% stake in the company in exchange for an 18.5% stake in Mercator Group, the largest Slovenian supermarket.

In April 2017, the Croatian government acquired a large stake in the Fortenova Group using debt and began its restructuring, while Sberbank attempted to purchase 1.13 billion euros of the group’s debt.

Source: TASS