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2011-11-08 07:28:09 CET 2011-11-08 07:29:13 CET REGULATED INFORMATION Invalda AB - Notification on material eventInvalda Group acquires 36.9% of Litagra UAB shares for 38.6 mLTL (11.2 mEUR)Vilnius, Lithuania, 2011-11-08 07:28 CET (GLOBE NEWSWIRE) -- Cedus Invest UAB, the company 100% owned by Invalda AB, will invest into shares of Litagra UAB 38.6 mLTL (11.2 mEUR). Cedus Invest invested 37.1 mLTL (10.8 mEUR) into new share issue of Litagra UAB , while for the remaining 1.5 mLTL (0.4 mEUR) shares of Litagra UAB from the current shareholders will be acquired. Invalda Group will own 36.9% stake in Litagra UAB after the transactions. Agreements regarding investments were signed on November 7. The transactions should be completed when the permission of the Competition Council is received. The enterprise value of Litagra - leading company operating in the agricultural sector of the Baltic countries - has been estimated at about 200 mLTL (57.9 mEUR) before the increase of the share capital. Mr. Gintaras Kateiva will own 37% of Litagra shares, Invalda AB - 36.9%, investment fund Amber Trust II - 18%, Mr. Dziugas Grigaliunas and Mr. Adomas Grigaitis, managers of Litagra Group, - 6.4% and 1.7% respectively. During the three quarters of 2011 the consolidated turnover of Litagra Group was 271.7 mLTL (78.7 mEUR), i.e. 17.5% higher than during the same period of the last year (231.3 mLTL (67 mEUR)). EBITDA of Litagra Group during the comparative period has increased by 19% - from 16.3 mLTL (4.7 mEUR) to 19.4 mLTL (5.6 mEUR). The companies of Litagra Group are engaged in the primary crop and livestock (milk) production, grain processing and agricultural services. Group companies trade in plant protection products, fertilizers, seeds, compound feed, feed supplements, veterinary products. Moreover, companies buy grain, provide grain and other raw materials drying, cleaning, loading and storage services. Group companies provide agricultural services in Lithuania, Latvia and Estonia. Invalda AB also signed Shareholders Agreement regarding management of Litagra with other shareholders of the company: Mr. Gintaras Kateiva, investment fund Amber Trust II, Mr. Dziugas Grigaliunas, Mr. Adomas Grigaitis. Litagra will be accounted as an associated company in the financial statements of Invalda. The person authorised to provide additional information: Darius Sulnis, the president, tel. +370 5273 4876 |
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