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Tuesday, November 29, 2022

Fortenova is consolidating ownership of its bio-energy plants

The Fortenova Group concluded a final agreement with KHA Four, a hotel company headquartered in Croatia on the sale of its share of 25 percent in KHA Four to that company- the Group announced. In a separate transaction, the Fortenova Group negotiated the takeover of a 25 share in the A.N.P. Energija Group in the ownership of an open alternative risk management investment fund with a private offer – Prosperus FGS whereby the Fortenova Group attained the management control of the company A.N.P. Energija.

A.N.P. Energija is the sole owner of the company Energija Gradec, a firm which has in its ownership five bio-energy plants in the area of Slavonia and central Croatia with an installed capacity of 9.8 MW, which uses biomass from the agricultural companies of the Fortenova Group for the production of electricity from biogas.

These two transactions will enable the Fortenova Group to come out of the hotel project which is not its basic activity and simultaneously to release considerable value for the agricultural segment of Fortenova Group’s business activities through the consolidation of the operations of bio-energy plants pursued by Energija Gradec.

“This represents a further step forward in the strategy of the Fortenova Group based on the sale of non-basic activities and focused on the fundamental food retailers and agriculture business groups. With its consolidated share in these bio-energy plants, the Fortenova Group is not only directly investing in financial advancements but is continuing to develop an environmentally sustainable model of agricultural production for the future” – as pointed out by James Pearson, the chief financial manager of the Fortenova Group.

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