Today, FirstFarms has entered into an agreement of buying a Romanian
agriculture company; SC Cistapibe s.r.l, which has the ownership of
800 hectares agricultural land in the western part of Romania about
800 km from Bucharest. The site and the land are a neighbour to the
area where FirstFarms earlier in September announced to have bought
land. The company and the land are therefore also sited in the
so-called "black earth region" which is an area of high land quality.
The agreement includes various buildings, among others a new grain
store facility for 2,500 tons, and mechanical equipment of limited
value.
The Romanian company and the land are bought at a price that
corresponds to the level FirstFarms earlier has announced. It is
expected that the land can be prepared for cultivation in autumn 2007
for production of sales crops in 2008.
All in all the company has now bought 2,986 hectares land in Romania.
Of this, the 1,489 hectares are sited about 50 km from Bucharest and
the other 1,497 hectares are sited in the western Romania about 800
km from Bucharest. The average price for the 2,986 hectares of
agricultural land in Romania is DKK 14,500 per hectare.
It is not expected that the purchase will change the expectations for
the results for 2007 which have been announced earlier.
Best regards
FirstFarms A/S
