Vilnius, Lithuania, 2014-05-28 15:15 CEST (GLOBE NEWSWIRE) -- nvalda LT, one of the major Lithuanian investment companies, on 28 May 2014 completed transactions regarding sale of 45.4 % stake in Vilniaus Baldai and increase of its share in Litagra, one of the largest agricultural business companies in the Baltic states, up to 36.9 %.
All conditions, laid down in the agreements, were fulfilled and on 27 May 2014 the Competition Council permits were received, therefore the above mentioned transactions were completed on Wednesday.
Invalda LT has received LTL 80.198 million (EUR 23.227 million) for Vilniaus Baldai shares and dividends. LTL 24.124 million (EUR 6.987 million) out of this amount, were pad for 45.45 % of Cedus Invest shares. After this acquisition Invalda LT increased its stake in Cedus Invest up to 100 %, and undertook all loans of the company. Cedus Invest owns 36.9 % of Litagra shares.
"We will seek to use all the potential of Litagra group and to contribute to the organic growth of Litagra Group and consolidation of the market through acquisitions,"- Darius Sulnis, the president of Invalda LT, said.
According to him, Litagra operates in several different agricultural and food processing segments of Lithuania, Latvia and Estonia and is involved in the global food supply chain. "A wide range of activities and the possible geography of business, based on the traditional competitive industries in the region, opens up diverse opportunities for growth and development," - said D. Sulnis.
As it was announced earlier, in 2013, Litagra, operating in Lithuania, Latvia and Estonia, collected LTL 452.5 million (EUR 131.05 million) revenue; earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to LTL 28.1 million (EUR 8.14 million). Consolidated Litagra equity value, attributable to shareholders of the Company, reached LTL 129.474 million (EUR 35.5 million) at the end of 2013. The 100% stake of the company was valuated at LTL 143.9 million (EUR 41.67 million) in the acquisition deal.
The person authorized to provide additional information:
Darius Sulnis
President
Phone +370 5 279 0601
Email: Darius@InvaldaLT.com