The Management Board of the Croatian Financial Services Supervisory Agency (Hanfa) approved on Thursday Agro Invest Group the prospectus regarding the public offering and listing of bonds worth up to a maximum of 300 million kuna, marking the first corporate bond issuance this year on the Zagreb Stock Exchange.
According to Hanfa’s statement, the bonds are subordinated, with unconditional and irrevocable guarantees, a fixed annual interest rate, semi-annual interest payments, and a final maturity of 7 years from the date of issuance.
The company from Buzin offers bonds exclusively to qualified investors, and they will be issued and listed in the central depository of dematerialized securities managed by SKDD on the date of issuance.
Agro Invest Group owns nine companies, whose core business activity is in the agricultural food sector and employs 440 people. The companies within the Agro Invest Group, including PPK Valpovo and PPK Orahovica as well as PD Modriča, operate in Croatia and Bosnia and Herzegovina.
The main areas of business are in crop, livestock, and fruit production, along with fish farming, where they are market leaders in Croatia, and their operations also include crop and livestock cooperatives, silo operations, wine production, animal feed, and seed production, as stated on the group’s website.
Last year, the group achieved a business revenue of 490 million kuna, which is 21.3 percent higher than in 2020. Operating costs amounted to 352 million kuna and were 9.4 percent higher. Net profit was 71.8 million kuna, which is even 2 times higher than in 2020, when a profit of 23.2 million kuna was achieved.
This is the first listing of corporate bonds on the regulated market of the Zagreb Stock Exchange in 2022, as emphasized in Hanfa’s statement.
