Project description
and objectives:
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The proposed project aims to allow the companies affiliated with the Sponsor,
Filippou Group, to upgrade and expand its subsidiaries in Eastern Europe.
First sub-project is a loan to Zito Luks A.D (FYR Macedonia), which is
controlled by Elbisco Holdings S.A., the baked goods producer in the Filippou
Group and one of the top food companies in Greece. Proceeds of the loan have
been used to finance the expansion of existing operations and refurbishment of
the company's network of bakery shops.
Second sub-project is a loan to Morpack Albania Shpk (Albania), which is
controlled by Mornos SA, the packaging company, part of Filippou Investment
group of companies. Proceeds of the loan will be used to finance construction
and placing into operation of a green-field plastic packaging plant for a wide
range of products, including those used in food and agricultural sectors.
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Sub-projects:
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- Zito Luks
- Morpack Albania
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Transition impact:
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The project will have a positive impact on the transition process in a number
of ways:
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The investment will have an important demonstration effect to other local
companies on how to operate successfully, particularly in the food sector. The
growth of the food sector, in various countries of operations, is continuing
to attract significant attention from local, as well as international
investors. The Sponsor has contributed to this growth by making available
quality products in the markets where it operates, primarily by upgrading
technology and investing continuously in distribution and marketing. The
expected growth in the consumption of quality products will, in turn,
translate into larger demand for locally sourced raw materials, in addition to
distribution expertise.
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The Sponsor will assist in the restructuring and improvement of corporate
governance standards of its local subsidiaries. The client is working for a
smooth transfer of technology, marketing, distribution, production and general
management skills from other companies and is increasing its efforts to attain
industry best practice. The key area for the Sponsor at present is national
coverage of most markets by expanding capacity and strengthening its
distribution networks.
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The client:
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Filippou Group, the Facility Sponsor, is a Greek food processing and packaging
group with combined sales in 2003 of an estimated € 620 million. It has
production operations across a number of European countries and South Africa,
and global exports.
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EBRD finance:
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A regional facility of up to € 25 million debt or equity.
The first sub-project under the Facility is € 8 million loan to Zitoluks A.D.,
a company in the FYR of Macedonia controlled by the Filippou Investments Group.
The second sub-project under the Facility is € 4 million loan to Morpack
Albania Shpk, a company incorporated in Albania and controlled by the Filippou
Investments Group.
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Total project cost:
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Project cost would be determined on an individual project basis.
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Environmental impact:
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Projects financed under this facility will be reviewed on an individual basis.
Due diligence is likely to include environmental audits of existing facilities
and/or environmental assessments of impacts associated with green-field
projects. Compliance with relevant national and European Union health, safety
and environment standards will be sought in each case, and an environmental
action plan will be drawn up with the company to implement various
environment, health and safety management systems.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Antonis Gourountis, Financial Director, Elbisco Holding SA
Tel. +30
210 6606 249
Dimitris Maroutsos, Financial Director, Mornos SA
Tel. +30 22 62 08 51
12
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EBRD contact:
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Vedrana Jelusic, Operation Leader: jelusicv@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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