Panevezys, Lithuania, 2011-11-02 08:00 CET (GLOBE NEWSWIRE) -- UAB Linas Agro Konsultacijos, subsidiary of AB Linas Agro Group, has finished acquisition transaction of agricultural company Užupės ŽŪB by acquiring 30% of its shares. The Group now controls 100% of Užupės ŽŪB shares.
Užupės ŽŪB was established together with partners in April 2011 when AB Linas Agro Group took control over 70% of shares of the agricultural company. The acquisition procedure was concluded with an agreement with other stakeholders to take over the shares held under their control.
“Acquisition of Užupės ŽŪB is part of our Group’s investment development programme. Investment in this company amounts to LTL 7.8 million with the planned EBITDA of LTL 1.4 million. The company cultivates 1,200 ha of land, therefore the Group’s cultivated land area reached 11,400 ha. Our goal is to further increase the number of agricultural companies under our control and expand the cultivated land area to 20,000 ha”, commented Deputy Managing Director of AB Linas Agro Group Andrius Pranckevičius.
AB Linas Agro Group controls four more agricultural companies in the most yielding Lithuanian areas – Panevėžys district Aukštadvario ŽŪB, Šakiai district Lukšių ŽŪB, Biržai district Medeikių ŽŪB and Sidabravo ŽŪB. Their activity covers dairy production, cultivation of grains, oilseed rape and sugar beet. In 2010/2011 financial year ended 30 June, the income of the companies totaled LTL 39 million with operating profit of LTL 15.5 million and net profit of LTL 6.2 million.
According to Andrius Pranckevičius, AB Linas Agro Group is planning that consolidated annual income of the five controlled agricultural companies will exceed LTL 44 million and the total production of various grains will reach approx. 40,000 tons in 2011/2012 financial year started 1 July.
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