Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

05 Apr 2005



PSD disclosed:

17 Jul 2006

Project Description

The proposed project is with OJSC Biomedsklo, a Ukrainian glass producer based in Zitomir, Ukraine. Yioula Glassworks of Greece acquired Biomedsklo in 2005 and has commenced a restructuring and modernisation effort. The proposed project is being presented as Phase II of project ID 34977, Stirom Romania approved by the Bank’s Board of Director on 5 April 2005

Yioula is seeking the Bank’s support to complete the post-acquisition restructuring process, to proceed with the expansion of the Company’s glass container plant.


Transition Impact

Transition impact is expected to be:

Strong demonstration effect through successful restructuring post acquisition of an existing operation via refurbishment and restructuring investment programmes that will bring the quality up to more mature standards, energy savings and operational efficiency improvements.

Demonstration effect of new replicable behaviour/activities, transfer of know-how and overall improved corporate governance. The Sponsor has agreed to a framework of covenants including acceptable MIS, arms length relationships within the Group including transfer pricing, improved internal controls, IFRS accounting and comprehensive reporting that go beyond the requirements of its principal lenders.

Contribution to market development and consumer benefits: The Project will enable a leading food-packaging manufacturer to maintain expansion in a growing and dynamic market and ensures its competitiveness, through the interaction with other parts of the “food chain”

The project is consistent with the Bank’s Energy Policy (BDS00-010) as it involves reduction of energy and maintenance costs and improvements in the general reliability.


The Client

OJSC Biomedsklo, a Ukrainian glass container producer, located in Zitomir, Ukraine (the “Company” or “Zitomir”), a majority owned subsidiary of Yioula Glassworks SA, the largest producer of food and beverage containers and machine-made glass tableware in Greece.

EBRD Finance

A EUR 10 million senior secured A/B loan to Zitomir, of which EUR 6 million will be provided by participant banks.

Project Cost

EUR 10 million in a first phase.

Environmental Impact

The project has been screened B/1. Independent environmental consultants have been retained to undertake the required environmental audit and analysis of the Biomedsklo facilities and any resulting recommendations will be formalised in a time-bound, costed environmental action plan. The action plan, which will be agreed with the Sponsor, will aim to ensure compliance with both Ukrainian and relevant EU environment, health and safety standards. The Company will be required to provide the Bank with an annual environmental report on the implementation of the environmental action plan and on any other environment, health and safety issues affecting their operations.

Technical Cooperation


Company Contact

Yioula Glassworks S.A.

Mr. George Fragoulis, CFO
5 Orizomylon Str.
122 44 Aegaleo
Athens, Greece

Business tel. +30 210 540 3415
Business fax +30 210 544 2421

Email: gfragoulis@yioula.gr



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

Share this page: