Coast Expansion

Location:

Croatia

Project number:

51019

Business sector:

Agribusiness

Notice type:

Private

Environmental category:

B

Target board date:

22 May 2019

Status:

Disbursing

PSD disclosed:

24 Jun 2019

Translated version of this PSD: Croatian

Project Description

Provision of a senior long-term loan to Studenac d.o.o. (the "Company"), the second largest food retailer on the Croatian coast, for the acquisition of an Istria-located retailer Istarski Supermarketi d.o.o. and future expansion.

Project Objectives

The EBRD's loan will support the Company in its expansion efforts as well as expected further efficiency and profitability improvements.

Transition Impact

The transition impact of the project is expected to be built on the Transition Impact of the existing project with the Company and will stem from corporate governance improvement through implementation of a Corporate Governance Action Plan agreed between the EBRD and the Company and from supporting operational restructuring and improved efficiency of the Group's operations.

Client Information

STUDENAC DOO

Studenac is an existing client of the Bank and the second largest food retail chain on the Adriatic coast of Croatia.

Environmental and Social Summary

Categorised B (ESP 2014). The operation of a supermarket chain is associated with a limited number of environmental issues with the main focus on labour management and health and safety. Environmental and social due diligence (ESDD) comprised third-party consultant review of operations including site visits to selected facilities of Istarski Supermarketi d.o.o. This due diligence process builds on the due diligence process previously conducted for Studenac d.o.o, likewise, was conducted by third party consultants and resulted in the development and agreement of an environmental and social action plan (ESAP). ESDD on the current project did not reveal any issues of concern. Istarski Supermarketi d.o.o. is compliant with the requirements of national environmental, health and safety and labour requirements and has adequate staffing capacity in place to manage the key issues. The Company is required to comply with the Bank's Performance Requirements and to provide annual reporting on the implementation of the ESAP and any other Environmental and Social issues arising during the year.

Technical Cooperation

None.

Company Contact Information

Helena Jurcic
helena.jurcic@studenac.hr
+385 99 2349 979
+385 21 430 802
www.studenac.hr
Cetvrt Ribnjak 17 HR-21310 Omis

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