
AB Linas Agro Group sells subsidiaries in Russia and Belarus
AB Linas Agro Group sells two Russian companies acquired 13 months ago as a part of KG Group - OOO VitOMEK (Moscow) and OOO VitOMEK (Tver), also IOOO Belfidagro, registered in Belarus. The contracts for the sale of these companies were signed on 25 July. The buyers are companies registered in the Russian Federation, but by agreement of the parties, they are not disclosed. The transactions, totaling EUR 7.5 million, are expected to be completed by the end of the calendar year.
The companies on sale are engaged in the production and wholesale of premixes and in the wholesale of feed and raw materials for feed production. At the end of July, they employed 240 people.
The sale of Belfidagro is subject to the approval of the Belarusian competition authority MART (Ministry of Antitrust Regulation and Trade), so the parties signed a preliminary share purchase agreement, which stipulates that the buyer must obtain clearance from the competition authority.
More than a year ago, with the acquisition of KG Group, AB Linas Agro Group became the owner of five companies in Russia and Belarus. One of the acquired companies, OOO GeoMiks, was deregistered as early as 2021 by merging with OOO VitOMEK. The remaining companies were prepared for sale, and the search for potential buyers started at the end of 2021.
‘We had planned to sell companies in Russia and Belarus without a hurry; unfortunately, the situation has changed radically. The war in Ukraine has disrupted negotiations with the buyers we already had. The process of finding buyers was restarted, and intensive negotiations with several buyers followed. We had no expectation that we would sell the companies on the terms we expected back in early 2022. Negotiations and fine-tuning the sale details took some time, so we are delighted to have finally completed this difficult phase’, said Darius Zubas, Chairman of the Board of AB Linas Agro Group.
After the war's outbreak in Ukraine, Linas Agro Group's subsidiaries broke their partnerships with Russian and Belarusian businesses, looking for alternative suppliers, goods, and new logistics routes. They did not also cooperate with the companies on sale.
‘We didn't even have time to know better the companies we acquired last July, as we broke off contact with them at the end of February due to the war. One company in Belarus, OOO KLM, could not be sold together with the others as we could not find an interested buyer; thus, we are continuing our search for buyers’, commented D. Zubas.
OOO KLM is different from the other companies on sale - it is a wholesaler of agricultural inputs, veterinary goods, premixes, and seeds. This company is jointly owned by the public company Kauno Grūdai, which Linas Agro Group has acquired, and a natural person in Belarus; Kauno Grūdai holds 70% of its shares. The company employed 62 people at the end of July.
The company plans to disclose the impact of the sale of the companies on Linas Agro Group's future financial results in its 3-month reports for FY 2022/2023.
AB Linas Agro Group is the Baltics' largest agricultural and food production group, comprising 72 subsidiaries and two associates, their overall headcount is 5.2 thousand. The group operates along the entire food production chain from the field to the table: the company’s subsidiaries produce, process, and market agricultural and food products, and provide goods and services to farmers.
For more information, contact:
Mažvydas Šileika
CFO of AB Linas Agro Group
Mob. +370 619 19 403
E-mail m.sileika@linasagro.lt
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release
Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a
DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release
Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68
Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release
Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.
Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release
AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us
Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin