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2011-10-21 08:00:00 CEST 2011-10-21 08:00:08 CEST REGULATED INFORMATION Linas Agro Group AB - Notification on material eventAB Linas Agro Group sells shares of UAB KustodijaAB Linas Agro Group, having made an announcement on selling 50% of shares of UAB Kustodija back in June, sold the shares to UAB Danrava. The total value of transaction is LTL 2.9 million. The transaction was approved by the Competition Council of the Republic of Lithuania. Panevezys, Lithuania, 2011-10-21 08:00 CEST (GLOBE NEWSWIRE) -- 50% of shares of UAB Kustodija, a company selling plant protection products, incorporated in Vilnius, were acquired by AB Linas Agro Group in 2002. In recent years, activities of subsidiary company AB Linas Agro started to repeat those of UAB Kustodija; therefore, a joint agreement was reached with the management of UAB Kustodija to sell the shares of the company to UAB Danrava. “Supply of plant protection products to farmers is one of components of cooperation with farmers in a long grain trade chain. In order to meet the farmers' demand for fertilizers, plant protection products and agricultural machinery we worked in cooperation with various partners by focusing our attention on grain purchase, shifting the supply of agricultural inputs to our partners-suppliers. We have been cooperating with UAB Kustodija in such a way for almost 10 years and acquired shares of this company. However, the growth in the number of customers and the strengthening of the capacity of our team of sales agents and consultants led to a decision of AB Linas Agro, the company of the Group, to supply plant protection products to the customers independently. We hope this decision will strengthen the position of AB Linas Agro,” commented Deputy Managing Director of AB Linas Agro Group Andrius Pranckevičius. According to Andrius Pranckevičius, the goal of AB Linas Agro Group is to increase their market share in trading plant protection products in Lithuania to 30%. They expect further successful cooperation with UAB Kustodija in certain product groups. AB Linas Agro Group sold plant protection products worth LTL 22 million in financial year 2010/2011 ended 30 June and is planning to increase sales volumes of these products by 16%, i. e. up to LTL 26 million, in 2011/2012. About AB Linas Agro Group AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff and agricultural inputs. It controls companies in Lithuania, Latvia, Estonia, Denmark and Ukraine. The group consists of international trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų centras KŪB (controlling grain storages in Joniškis, Kėdainiai, Kupiškis, Pasvalys, Šakiai district, Šiauliai and Vilkaviškis), Latvian trading company SIA Linas Agro, international trading company Linas Agro A/S in Denmark, Ukrainian based fertilizer production and trade company PJ-SC UKRAGRO NPK, group of companies ŽŪB Landvesta, managing agricultural land, group of five agricultural companies UAB Linas Agro Konsultacijos, operator of lignin biofuel accumulation UAB Lignineko and other companies. The financial year of the companies begins on 1 July. Together with partners, the controlling company owns agriculture-related products and services providing company UAB Dotnuvos Projektai and logistics company UAB Jungtinė Ekspedicija. From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange. More information: Andrius Pranckevičius, Deputy Managing Director of AB Linas Agro Group Phone +370 687 71 419 E-mail a.pranckevicius@linasagro.lt |
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