Serbia's Sojaprotein seeks shareholder nod for taking EUR 57mn loan from IFC.

By bne IntelliNews December 7, 2012
Serbian soybean manufacturer Sojaprotein said it will seek the approval of its shareholders on Dec 25 to use assets of great value as collateral for withdrawing a EUR 57mn loan from the World Bank's IFC and for becoming a guarantor on a EUR 50mn Erste Bank loan to be taken by its sister company - Victoria Logistics. The two firms are majority-owned by privately-held Victoria Group, Serbia's largest grain exporter. According to an invitation for an extraordinary shareholder meeting later this month published on Sojaprotein's website, the EUR 57mn IFC loan will be used by Victoria Group, Sojaprotein, Victoriaoil, Victoria Logistics and mineral fertilisers producer Fertil, also part of the group. The loan will have an annual interest rate of three- or six-month Euribor + 3.9% and will mature on November 15, 2018 with a two year grace period. The credit users will via it finance permanent fixed assets and refinance existing debt. On the other hand, Victoriaoil, Fertil and Victoria Group will guarantee the EUR 50mn Erste Bank loan for Victoria Logistics. The company will use it to buy new raw material including sunflower seeds, rapeseed, maize, wheat and soya.

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