Entrepreneur Enver Moralic, the owner of the Kutjevo winery, has acquired the Novi Zitopromet company, based in Bijeljina, northeastern Bosnia and Herzegovina, for a price of more than €3 million, local media reported on Tuesday.

“We have agreed to the acquisition and have paid the majority of the transaction. We are waiting for some other details to be hammered out, however, we have agreed to everything actually,” Moralic said on Tuesday as carried by the Banja Luka Nezavisne Novine daily.

Novi Zitopromet specialises in processing cereals and Moralic plans to retain that business and expand it as a processing mill, silos and bakery exist within the company, and the Croatian businessman plans to cooperate with local grain producers.

The Pavgorod company from Foča had bought Novi Zitopromet at the start of the year for a price of 3.7 convertible marks (about €1.97 million) after the company had gone into official receivership in 2018. The now-defunct Zitopromet did not have the funds to buy off grains it had planned.

Before the official receivership, Zitopromet employed 113 workers.

Moralic was quoted as saying that he plans to retain ta majority of the current workers in the Novi Zitopromet company.