The EBRD has sold its shares in Tikves a.d., the leading winery in FYR Macedonia, to the majority shareholder, M6 Investments private equity fund.
The EBRD became a minority shareholder in Tikves in 2008, just before the financial crisis, with a €6 million equity investment. In 2009 the Bank extended a €2.5 million working capital loan to the company, through which the EBRD will continue its relationship with Tikves.
Through its investment, the EBRD helped Tikves winery to pursue its development strategy, modernise its production process and further improve the quality of its product range.
“The EBRD is delighted to have been able to stand behind Tikves and we are now pleased that the company will remain with a sound investor like M6 Investments. We remain strongly committed to supporting the growth of the Macedonian corporate sector and to helping boost the competitiveness of local companies on the domestic market and in the wider region,” said Elena Urumovska, EBRD.
Since it began operations in FYR Macedonia, the EBRD has invested close to €950 million in the country’s economy through projects in the corporate, financial, infrastructure and energy sectors. The EBRD funds have attracted additional investments worth €1 billion from other sources.