Asseco South Eastern Europe Loan (f. Project Rajika)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 40562

Status Cancelled

Location

Regional

Business Sector

Notice Type

Private

Project ID 40562

Status Cancelled

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

30 Jun 2009

Disclosure date

02 Jun 2009

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The EBRD is considering an equity investment and a loan to Asseco South and Eastern Europe worth a total of €22 million. The project is aimed to help the company grow further by consolidating its operations in the Balkan countries (Croatia, Romania and Serbia) as well as by acquisitions of complementary businesses in the Balkan region. The Bank would become a shareholder in the company, along the Sponsor, Asseco Poland, and minority shareholders from the region.

Transition Impact

The Project will help the Company to consolidate its past acquisitions in Croatia, Romania and Serbia. The Bank’s financing (both equity and loan) would also fund future acquisitions of IT companies in the Balkan region, facilitating emergence of a strong, regional information technology company. It is expected, that the regional reach of Asseco South and Eastern Europe, combined with its majority shareholders’ (Asseco Poland’s) IT expertise will lead to a dispersion of technology skills in the Balkan region, as well as the expansion of IT market in the Region. It is expected that, as a result, ASEE’s clients will receive a better and more comprehensive service.

The Client

Asseco South and Eastern Europe is a Polish holding company, consolidating 7 IT related companies in Croatia, Romania and Serbia, operating in the banking, telecommunication, integration, authentication markets. The strategy of the company is to become the strongest, regional IT service and solutions provider in the Balkans.

EBRD Finance

The EBRD finance would consist of

(i) €15 million equity investment in new shares of the company, and
(ii) €7 million loan.

Project Cost

The total project cost amounts to €22 million.

Environmental Impact

Screened C/1. The Project is unlikely to be associated with any significant environmental issues. Information provided by the Company confirms its environmental, health, safety and labour legal compliance. The Company will need to carry out adequate environmental and social due diligence for the proposed acquisitions. The Company is also required to comply with national and EU environmental, health and safety standards and requirements and to submit annual reports on environment, health and safety issues.

Technical Cooperation

None.

Company Contact

Mr. Piotr Jelenski, Chief Executive Officer,

E-mail: piotr.jelenski@asseco.pl

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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