In December 2023, Vujinovac, who climbed the wealth ladder through the gas distribution company Prvo Prinarsko Dorstvo, became the majority shareholder of Fortenova. This Balkan company is a leading food manufacturer and retailer.
Vužinovac is worth about $765 million, according to the Bloomberg Billionaires Index. The company plans to launch its planned IPO once it secures refinancing of its $1.3 billion loan, which matures this November. Mr Vinovac said:
As far as I’m concerned, an IPO is the only serious solution for Fortenova. Right timing and right expression are essential.
Fortenova’s non-authorized shareholders acquired and sold the licensed financial institutions VTB Bank PJSC and SBK ART. The latter holds more than 40% of the company’s shares, which, according to the European Union, is effectively controlled by Sberbank PJSC.
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The sanctioned owners reportedly impeded the company’s ability to secure better loan rates. HPS Investment Partners extended Fortenova’s main debt at his Euribor plus 7.3% interest rate. Vínovac further commented:
It is best to refinance your loan at a local bank. Fortenova is already in negotiations with some companies and believes there will be no problem with refinancing. We are the largest corporate system in the region. There are several banks that are interested.
Vjnovac said an IPO would diversify ownership from different industries. The state reorganized Fortenova (formerly Agrocol) in 2018. This move turned creditors into shareholders.
