Agrokor owner Ivica Todorić informed his business partners about the company’s stabilization process.
President and majority owner of Agrokor Ivica Todorić met on Monday with representatives of some 30 suppliers and informed them about current activities and future plans for the stabilization of the whole group, announced Agrokor after the meeting which was held at the Konzum building in Zagreb, reports Novi List on March 27, 2017.
According to the Agrokor’s statement, the meeting was attended by about 30 suppliers of the group, president of the Croatian Chamber of Economy Luka Burilović, who represented medium and small suppliers, Ivica Todorić and his associates.
“The aim of the meeting was to inform the suppliers about the current activities of Agrokor, as well as the future plans of the group. Todorić informed the participants about the situation in the group and plans for the forthcoming period. He thanked those present and all other suppliers, some 6,000 of them, which in the previous period have given their strong support to the Agrokor group”, says the statement. It adds that “during the meeting, the view was expressed that the greatest burden of stabilization of Agrokor has been taken by the company itself, followed by its suppliers”.
“It has been confirmed that the management of the company would fully commit itself for the payment terms to be in line with those agreed upon. In connection with the restructuring process of the Agrokor group, which has received a significant contribution from the suppliers, everything will be done in order to protect their exposure to the group. The participants have confirmed their mutual interest to continue business cooperation with the goal of joint growth. Suppliers have pointed out that Agrokor is one of their most important partners and are ready to continue to give their strong support to the restructuring of the company, but also expect that the process will maximally protect their interests”, according to Agrokor. It was concluded that the group and its suppliers “would continue to maintain regular communication with each other”.
The statement came after the 45-minute meeting which on Monday morning brought together representatives of Agrokor and some of the largest Croatian companies, such as Podravka, Vindija, Dukat, Kraš, Franck, and many others. After the meeting, there were no statements to the media.
The latest publicly available data on the business operations of Agrokor show that, at the end of September last year, Agrokor’s debt to its suppliers amounted to more than 16 billion kuna.
