The EBRD to make an equity investment of € 10 million in «Servolux»
The European Bank for Reconstruction and Development to make an equity investment of € 10 million in the largest poultry meat & animal feed producer of the Republic of Belarus, «Servolux».
The EBRD is an international financial institution owned by 67 countries, as well as the European Union and the European Investment Bank. The EBRD is committed to furthering the promotion of private and entrepreneurial initiative.
«Servolux» will continue to pursue high quality performance and safety of the products, to mitigate environmental impacts and to develop corporate governance arrangements in liaison with the EBRD as a shareholder in the Company.
The European Bank for Reconstruction and Development is to make an equity investment of € 10 million in «Servolux» Group. The funds are earmarked to finance the construction and launch of a new meat processing facility with a production capacity of 70 t/day located in Smolevichi, Minsk oblast. «Servolux» is also to design a CCHP project with a total installed capacity of 6.58 MW resulting in GHG emission reduction of 6,200 tonnes of CO2 a year.
One of the transaction undertakings is the EBRD’s active participation in further enhancement of «Servolux» corporate governance procedures based on global best practices.
The Chairman of the Executive Board of «Servolux», Yauheni Baskin, said: «I appreciate the pre-deal efforts invested by the professional team of the Bank and the Company. This transaction is of prime importance to us. The European Bank for Reconstruction and Development possesses recognized competence in advanced business practices. The EBRD’s commitment bears evidence of the highest level of food safety ensured by «Servolux» operations and will contribute to further corporate structuring».
Alexander Pivovarsky, the EBRD Head of Belarus, noted: «I am pleased to point out the high level of operational discipline and management arrangements of «Servolux». The Bank intends to continue to lend support to local businesses with a great sustainability potential and committed to socially conscious business practices».