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2010-10-04 08:00:00 CEST 2010-10-04 08:00:01 CEST Linas Agro Group AB - Other informationAB Linas Agro Group sells a part of Ukrainian company‘s shares to its managementAB Linas Agro Group Board has made the decision to sell 5.34 per cent shares of recently acquired producer and trader of fertilisers CJ-SC UKRAGRO NPK to the latter company's management. The shares are planned to be acquired by the head managers until the end of this year. After the transaction is completed, AB Linas Agro Group will control 58.04 per cent of the company's shares. The similar decision - to sell 4.66 per cent of CJ-SC UKRAGRO NPK shares to the company's managers: three natural persons of the Republic of Lithuania - was also made by Denmark-registered Akola ApS Board, the other shareholder of CJ-SC UKRAGRO NPK. After the transaction AB Linas Agro Group will run 58.04 per cent of CJ-SC UKRAGRO NPK shares while Akola ApS, which is also the largest shareholder of AB Linas Agro Group, will have 31.96 per cent of the shares. The managers will own 10 per cent of the company's stock. „Since the management of CJ-SC UKRAGRO NPK decided to acquire a part of the company's shares, we have considered all the aspects of such a step. The conclusion was drawn that the decision to sell a part of the company's shares to the managers would be the best solution considering their interests, the interests of the company and us, the controlling company. All the managers have been working in the company since its foundation in 2002, and their wish is a mature decision to bond themselves with the company in the future, too. We expect that as the new shareholders the company's managers, who have already proven their competence under various market circumstances, will put even more effort into the growth of the company's value as well as the value of the entire Linas Agro Group,” AB Linas Agro Group Board Member and AB Linas Agro Project Director Arunas Jarmolavicius says. Kiev-based public limited liability company CJ-SC UKRAGRO NPK is a fertilisers production and trading company, owning the network of 13 fertiliser distribution warehouses and selling nitrogen, potassium, phosphorus and complex fertilisers as well as producing blended NPK fertilisers. The company trades fertilisers both of its own production and those imported from Russia, Belarus, Germany, Belgium, Israel and Poland. In 2009 the company sold 152 thousand tons of fertilisers while in none months of 2010 UKRAGRO NPK has already traded 205 thousand tons, thus, it has already exceeded the planned annual amount of 200 thousand tons. According to the corrected forecasts of the company's activities, CJ-SC UKRAGRO NPK is expected to sell 230 thousand tons of fertilisers and reach the turnover of UAH 700 million (LTL 226 million) as well as EBITDA of UAH 25 million (LTL 8 million) in 2010. The company plans to expand the range of both sold fertilisers and offered services and open 1-2 new distributional warehouses every year. About CJ-SC UKRAGRO NPK Founded in Kiev, a capital city of the Ukraine, in 2002, the company is engaged in wholesale and retail trade of fertilisers and production of blended NPK fertilisers. The company has 183 employees. Thirteen fertiliser distribution warehouses run by CJ-SC UKRAGRO NPK are located in the most important Ukraine's agricultural regions and in total can store about 50 thousand tons of fertilisers. Three of them (west, central and east Ukraine) have blended NPK fertilizer production units. In 2009 the company had over 6% of Ukraine's market of all types of fertilisers. According to the data of 2009, the company had 10% market share in complex fertilizers being No. 4 player in the field. About AB Linas Agro Group AB Linas Agro Group is an integrated agribusiness company engaged in international agricultural business, production and trade in agricultural produce and raw materials. It controls companies in Lithuania, Latvia and Denmark. The Group consists of the following companies: AB Linas Agro, a Lithuanian company engaged in international trade in agricultural plant produce; UAB Linas Agro Grūdų Centras KŪB (controlling grain storages in Kėdainiai, Kupiškis, Joniškis, Šiauliai and Vilkaviškis), grain trade company in Latvia -SIA Linas Agro; international trade company in Denmark - Rosenkrantz A/S; Ukrainian based fertilisers production and trade company CJ-SC UKRAGRO NPK; ŽŪB Landvesta, a group of companies controlling agricultural land; and UAB Linas Agro Konsultacijos, controlling agricultural companies. Financial year of the companies starts on the 1st of July. As of February 17, 2010 AB Linas Agro Group is listed on NASDAQ OMX Vilnius stock exchange. More information: Arūnas Jarmolavičius AB Linas Agro Project Director AB Linas Agro Group Board Member Ph. +370 698 27855 Email a.jarmolavicius@linasagro.lt |
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