Vino Zupa calls extraordinary general meeting to approve loans granted by IFC and EIB

The Managing Board of the Aleksandrovac-based wine and juice maker Vino Zupa has scheduled an extraordinary general meeting (EGM) for July 2nd. The main item on the EGM's agenda will be the adoption of a decision to approve the disposal of a high-value property, which is related to the establishment of a credit relationship between this company and the International Finance Corporation (IFC), a member of the World Bank, and the European Investment Bank (EIB).

The IFC has granted a EUR 12.5 million loan to Vino Zupa, with the grace period of two years and the annual interest rate EURIBOR plus 5%, whereas the EIB approved a EUR 9 million to this company, with the grace period of one year and the interest rate of three-month EURIBOR plus 6.75%.

The loan granted by the IFC will be repaid over the period of 4.5 years following the expiration of the grace period, while the repayment of the EIB's loan in monthly installments during the period of seven years starts as soon as the one-year grace period expires.

As it was explained in the documentation for the EGM, the purpose of these loans is "to settle outstanding loan liabilities of the Company and to make new investments for the sake of further development."