Voli Capital Increase (EBRD-47385)

Countries
  • Montenegro
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 14, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
VOLI
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 11.44 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 10.00 million
Converted using 2015-10-14 exchange rate.
Project Cost (USD)
$ 14.01 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 12.25 million
Converted using 2015-10-14 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 11, 2017

Disclosed by Bank Oct 8, 2015


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Project Description
This project finances Voli, the leading retailer in Montenero, in the expansion of its store and distribution center network in Montenegro, including for some energy and resource efficiency improvements.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This project consists of an EBRD equity investment of up to EUR$ 10 million by way of subscription to a newly issued convertible redeemable preference stake Voli. Voli is the largest retailer in Montenegro and an existing client of the Bank, with FY 2014 sales of EUR 181m and EBITDA of EUR 12.4m. It is 100% owned by its founder and CEO, Mr. Dragan Bokan.
Contact Information
Company Contact Branko Brankovic +382 67 624 220 +382 20 445 002 branko.brankovic@voli.co.me www.volivasvoli.com Address: Voli Josipa Broza bb 81000 Podgorica Montenegro ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.