Croatia's Fortenova sells 25% in KHA Cetiri, to acquire 26% in A.N.P. Energija

Croatia's Fortenova Group, the successor to failed Agrokor concern, said on Monday it signed a definitive agreement to sell its 25% stake in local hotel developer KHA Cetiri to the company itself.

In a separate transaction, Fortenova agreed to acquire 26% interest in A.N.P. Energija from local venture capital fund Prosperus FGS, thus gaining a controlling stake in A.N.P. Energija, it said in a statement.

The value of the deals was not disclosed.

A.N.P. Energija is the sole owner of Zagreb-based Energija Gradec which operates five bio-fuel power plants in the eastern region of Slavonia and in central Croatia. The plants have a combined installed capacity of 9.8MW and produce electricity from biomass supplied by Fortenova’s agricultural companies, the group said.

"This provides another step forward in Fortenova Group’s strategy of divesting non core businesses and focusing on its core retail, food and agri divisions," the group's CFO, James Pearson, said in the statement.

The business operations of Agrokor were transferred to the newly formed Fortenova Group in April 2019 under a settlement agreement with Agrokor's creditors endorsed by a Zagreb court in June 2018. Since then, Fortenova has been divesting non core operations and focusing on core divisions in order to strengthen the group's capital position.

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