Panevezys, Lithuania, 2014-05-02 08:00 CEST (GLOBE NEWSWIRE) --
AB Linas Agro run by AB Linas Agro Group sold 100 percent cent shares of UAB Lignineko to UAB ECT Trading for 4,550,074 litas.
Before that, in January, UAB Fossio was separated from UAB Lignineko together with half of lignin raw material accumulation in Zabieliskis village in Kedainiai region, having about 400 thousand cubic metres of lignin. UAB Lignineko owns the other half of the lignin stock.
“Having acquired UAB Lignineko in spring 2010 for nearly 2 million litas we planned marketing of lignin as a raw material for biofuel. However, while performing tests of lignin usage we realized that its use is not limited to energy. Lignin is an excellent raw material for production of plant substrates, also has other application areas. During several years we have been exploring the possible usage areas of lignin and the potential profitability of each business. We found that all these businesses are too small for our Group as generate less than 1 percent of the total income, also is not related to our other activities. Therefore, we decided to sell a half of lignin accumulation to UAB ECT Trading to ensure the investment pay off", says Finance Director of AB Linas Agro Group Tomas Tumėnas.
The other half of lignin accumulation along with UAB Fossio remains the property of the Group.
About AB Linas Agro Group
AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff, poultry and poultry products, also agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production 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, group of companies ŽŪB Landvesta, managing agricultural land, holding of agricultural companies UAB Linas Agro Konsultacijos, agricultural inputs supplier UAB Dotnuvos Projektai, logistic company UAB Jungtinė Ekspedicija, poultry companies AS Putnu Fabrika Kekava and SIA Lielzeltini, also other companies. The financial year of the Group begins on 1 July. The total headcount of the Group exceeds 2,100 employees. Consolidated revenue of AB Linas Agro Group of the first half of financial year 2013/2014 ended December 2013 totalled LTL 1,002 million, EBITDA – LTL 50 million.
From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange.
More information:
Finance Director of AB Linas Agro Group
Tomas Tumėnas
Mob. + 370 682 36 616
Email t.tumenas@linasagro.lt