GlobeNewswire by notified

AB Linas Agro Group sold IOOO Belfidagro, a company registered in Belarus


AB Linas Agro Group has sold Belfidagro IOOO, a Belarusian registered company, acquired more than a year ago as part of KG Group.The buyer and the transaction amount are undisclosed by the parties' agreement.AB Linas Agro Group owned 89.09% of the total share capital of IOOO Belfidagro.

A preliminary agreement for the sale of the company was signed on 25 August. The deal was subject to the approval of the Belarusian competition authority MART (Ministry of Antitrust Regulation and Trade), which was received in early November.

IOOO Belfidagro is active in the production and wholesale of premixes and had 53 employees at the end of October. The company's revenue for the financial year ending in June was EUR 15.35 million, and equity was EUR 2 million.

Over a year ago, AB Linas Agro Group became the owner of several companies in Russia and Belarus by acquiring KG Group. The two Russian companies were sold together with IOOO Belfidagro in August for a total amount of EUR 7.5 million.

‘We cut our last ties in Russia in August by selling companies, but we still have one unsold company in Belarus. We decided to exit Russia and Belarus in February as a matter of urgency, no longer looking for good options, so the last eight months have been quite stressful - exit processes take a long time due to artificial barriers.

The sale of the three companies will not significantly impact the results of Linas Agro Group - we expect a loss of approximately EUR 3 million. The value of assets and liabilities will decrease by EUR 20.7 million and EUR 8.9 million, respectively. We will provide a more detailed financial assessment in the company's first quarterly reports for the 2022/2023 financial year,‘ said Mažvydas Šileika, CFO of AB Linas Agro Group.

A buyer is still expected to be found for Belarussian OOO KLM, a wholesale company selling agricultural inputs, veterinary supplies, premixes, and seeds, with 64 employees at the end of October. The company's revenue for the financial year ending in June was EUR 16 million, and its equity totaled EUR 1.2 million.

‘The further along, the more complicated the sales procedures become. We are looking at various options to exit Belarus. We are not alone in managing the company - our effective shareholding is 62.37%, and we have to coordinate steps with another shareholder, ‘ said M. Šileika.

AB Linas Agro Group is the Baltics' largest agricultural and food production group, comprising 68 subsidiaries and two associates. Their overall headcount was 4.9 thousand at the end of October. 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.

The financial year of AB Linas Agro Group commences on 1 July. The company's consolidated revenue for the financial year 2021/2022 went up 101% to EUR 1.9 billion, and net profit was boosted by 444% to EUR 77 million.

For more information, contact:

Mažvydas Šileika

CFO of AB Linas Agro Group

Mob. +370 619 19 403


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

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

Robex: Strong Q2 Operational Results and Closing of the Transaction With Sycamore29.11.2022 01:47:16 CET | Press release

QUÉBEC CITY, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex", "the Group" or "the Company") (TSXV: RBX) is pleased to publish their financial results for the second quarter ended June 30, 2022. All amounts are in Canadian dollars (CAD). Quarterly Corporate Summary Operations: The number of ounces produced was 11,124 ounces, down by 1.7% compared to the same quarter in the previous year, specifically due to a much heavier rainy season in September that the start-up of the trommel as well as a higher feeding grade (0.82 g/t compared to 0.79 g/t for the same period in 2021) have not allowed to compensate. As a matter of fact, the unprecedented rainfall caused hopper procurement issues, loader cycle timing and availability issues, as well as clogging of the primary grizzly. At the beginning of October, the situation was back to normal. Exploration: During the third quarter of 2022, Robex continued significant exploration work completed by remote sensing on all its licences

Brookfield to Present at the Goldman Sachs 2022 US Financial Services Conference28.11.2022 22:01:00 CET | Press release

BROOKFIELD, NEWS, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) today announced that Bruce Flatt, Chief Executive Officer, is scheduled to present at the Goldman Sachs US Financial Services Conference on Wednesday, December 7, 2022, at 1:40pm ET. A live webcast will be available on the Brookfield website at For those unable to join the live webcast, a recording will be available on Brookfield’s website shortly after the event. About Brookfield Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with over $750 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alt

Inventiva secures a new patent expanding the IP protection of its lead product candidate lanifibranor in the US28.11.2022 22:00:00 CET | Press release

New patent granted in the United States by the USPTO covers the use of lanifibranor for the potential treatment of cirrhotic patients at risk of progressing from compensated stage to decompensated stage This patent strengthens and expands the intellectual property protection of lanifibranor in the United States particularly for use for patients with cirrhotic NASH Daix (France), Long Island City (New York, United States), November 28, 2022 – Inventiva (Euronext Paris and Nasdaq: IVA) (the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of patients with non-alcoholic steatohepatitis (“NASH”) and other diseases with significant unmet medical needs, today announced that the United States Patent and Trademark Office (“USPTO”) granted a patent (U.S. Patent No. 11,504,380) that protects the use of lanifibranor for the treatment of cirrhotic patients at risk of progressing from compensated stage to decompensa

EYES ON IRAN ART ACTIVATION FACES THE U.N. IN NEW YORK28.11.2022 21:04:15 CET | Press release

AN EVENT MARKED THE OPENING FEATURING HILLARY RODHAM CLINTON, GISSOU NIA,SHEIDA SOLEIMANI, SHIRIN NESHAT with SPECIAL PERFORMANCE BY JON BATISTE NEW YORK, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Iranian artists Sheida Soleimani, Aphrodite Désirée Navab, Z, Icy and Sot, Shirin Neshat, Mahvash Mostala, Sepideh Mehraban, and Shirin Towfiq, alongside artists Hank Willis Thomas and JR, activate New York’s FDR Four Freedoms State Park with a provocative multi-day and multi-media art installation facing the United Nations entitled Eyes on Iran, November 28, 2022 - January 1, 2023. Timed for the U.N. initiative, 16 Days of Activism Against Gender-Based Violence, the installations are focused on the power of collective sight, with eyes facing the U.N., signifying the world’s eyes on Iran. 'Eyes in the Sky' flying billboards featuring artworks by Thomas and Mostala will fly on December 3 in New York City and on November 28 and 30 in Miami. An interactive installation by artist JR will take place on