AB Linas Agro Group has permission to proceed with the sale of the Belarusian company
AB Linas Agro Group may sell IOO Belfidagro registered in Belarus, acquired as part of KG Group in July 2021. The preliminary agreement on the sale of the company was signed on 25 August 2022, and AB Linas Agro Group informed about it on 26 August. The agreement was subject to the approval of the Belarusian competition authority MART (Ministry of Antitrust Regulation and Trade), which was taken care of by the buyer of IOOO Belfidagro.
The buyer is a company registered in the Russian Federation, but by agreement between the parties, it is not disclosed, nor is the amount of this transaction. All previously announced Russian and Belarusian divestments, totaling EUR 7.5 million, are expected to be completed by the end of the calendar year.
‘We expected the MART authorization - it was just a matter of procedures and time. So far, everything has gone as planned. Two companies in Russia have been sold and registered in the name of the buyer, and we plan to complete this final transaction by the end of 2022,’ said Mažvydas Šileika, CFO of AB Linas Agro Group.
The company being sold is active in the production and wholesale of premixes and had 58 employees at the end of September. AB Linas Agro Group owns 89.09% of the total share capital of IOOO Belfidagro.
AB Linas Agro Group is the Baltics' largest agricultural and food production group, comprising 69 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.
The financial year of AB Linas Agro Group commences on 1 July. The consolidated revenue of the company 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.
