Panevezys, Lithuania, 2014-08-05 08:00 CEST (GLOBE NEWSWIRE) --
The credit line allocated to finance the working capital need of agricultural commodity trading and agricultural inputs supply company AB Linas Agro has been increased by LTL 28 million by SEB bankas. In the next business year, the above member of the holding AB Linas Agro Group will have an opportunity to use the credit line of LTL 228 million (EUR 66 million).
“The Baltic agricultural sector demonstrates stable performance and has a solid foundation for its further growth. The above is proven by a successful performance of one of leaders in this segment – AB Linas Agro Group in Lithuania and Latvia, where recently company SIA Linas Agro was issued a credit line of LTL 51.8 million (EUR 15 million) by SEB bankas for increasing the company’s current market share. Irrespective of the fact that activity of agriculture-related companies to a large extent depends on such external factor as weather conditions that are difficult to control, such larger credit line will give us an opportunity to continuously implement the established targets and ensure further development in Lithuania and other Baltic countries“, says Aivaras Čičelis, Vice President and Head of Corporate Banking Division of SEB bankas.
According to Tomas Tumėnas, Finance Director of AB Linas Agro Group and AB Linas Agro, based on the preliminary estimates for the financial year that ended in June, product sales volume of AB Linas Agro made up 1.6 million tons, or was higher by 6.6 per cent compared with the last year. “Financial year that started in July shows a number of business opportunities, thus we have plans to purposely increase our business volumes in the local and international markets. We believe that the increase in the credit line by our long-term finance partner, i.e., SEB bankas will enable us to maintain competitive advantage in this sector“, says T. Tumėnas.
AB Linas Agro Group, the owner of agricultural commodity trading and agricultural inputs supply company AB Linas Agro, is a parent company, which owns 35 companies engaged in the production and trade of grains, oilseeds, feedstuff, poultry and poultry products, also agricultural inputs. The total headcount of the Group operating in Lithuania, Latvia, Estonia and Denmark exceeds 2,260 employees.
SEB is a leading Nordic financial services group. As a long-term customer relationship bank, SEB in Sweden and the Baltic countries offers financial advice and universal financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The SEB Group staff numbers about 17 thousand employees. For more detailed information about SEB please visit www.sebgroup.com.
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.
For more information please contact:
Arvydas Žilinskas Head of Media Relations with SEB Bank
Tel.: (8 5) 268 1198, 8 687 04 052
Tomas Tumėnas Finance Director
AB Linas Agro Group
Tel.: (8 45) 507 393, 8 682 36616