Project description
and objectives:
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The proposed project will enable East Point Holdings Limited (EPH) implement
their post-privatisation capital investment programme in Sevojno. The loan
will support the finance of new equipment and modernization of existing
equipment in order to increase production capacity, improve operational
efficiency and product quality.
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Transition impact:
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The operational restructuring and new investments in Sevojno, a company
privatised under the Government privatisation scheme, will demonstrate to the
local and foreign investors that such privatisation can be successful in terms
of increasing efficiency and profitability.
The proposed project will also accelerate the Company’s own corporate
governance changes by committing it to high standards of corporate behaviour
and timely and accurate financial reporting to external parties.
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The client:
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East Point Holdings Limited, a commodities trading company from Cyprus, and
Sevojno, a copper mill producing semi-finished copper and brass products based
in Serbia and Montenegro.
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EBRD finance:
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EUR 16 million senior loan to include EUR 2 million provided to the EBRD by
the Italian government within the Italian Risk Sharing Facility, a facility
set up pursuant an agreement between the EBRD and the Italian government for
the co-financing of projects in Serbia and Montenegro.
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Total project cost:
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EUR 30.1 million.
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Environmental impact:
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This project was screened C/1 requiring an environmental audit.
The audit identified a range of environmental, health & safety issues
associated with the operations, in particular those relating to air emissions
from foundry and rolling mill operations; wastewater discharge, hazardous
waste management and worker health and safety issues. The Company has
implemented an Environmental Management System in accordance with ISO 1400.
The Investment Programme will contribute to environmental upgrades which were
identified in the EBRD’s Environmental Action Plan (EAP). The Bank’s
Environmental Department is working closely with the Company to finalise the
implementation details of the EAP.
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Technical
cooperation:
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An energy efficiency audit was conducted in December 2004, under a Central
European Initiative funded agreement.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Zoran Drakulic, President
30 Vyronos Avenue
1096 Nicosia,
Cyprus
Email: zoran@as400.point-group.com
tel: + 357 226 79 490
fax: + 357 226 79 485
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EBRD contact:
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Vesna Mukaetova, Operation Leader: mukaetov@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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