Vilnius, Lithuania, 2011-12-15 08:40 CET (GLOBE NEWSWIRE) -- Cedus Invest UAB, the company 100% owned by Invalda AB, has acquired 36.9 % shares of Litagra UAB, one of the largest companies operating in the agricultural sector of Lithuania, for 38.6 mLTL (11.2 mEUR), including the new share issue of Litagra UAB of 37.1 mLTL (10.8 mEUR).
The share capital increasing of Litagra was closed on 15 December 2011, when was receive a permission of the Competition Council.
After the transaction, the Chairman of the Board of Litagra Mr. Gintaras Kateiva owns 37% of Litagra shares, Invalda Group – 36.9%, investment fund Amber Trust II – 18%, Mr. Dziugas Grigaliunas and Mr. Adomas Grigaitis, managers of Litagra Group, - 6.4% and 1.7% respectively.
Darius Sulnis, Vytautas Bucas, and Dalius Kaziunas, representatives of Invalda, were elected as Members of the Board (consists of seven members) of the company. Invalda AB has also signed the shareholders agreement regarding management of Litagra.
During the three quarters of 2011 the consolidated sales of Litagra Group was 271.7 mLTL (78.7 mEUR), i.e. 17.5% higher than during period of the last year (231.3 mLTL (67 mEUR)). EBITDA of Litagra Group during the appropriate period has increased by 19% - from 16.3 mLTL (4.7 mEUR) to 19.4 mLTL (5.6 mEUR).
The companies of Litagra Group are engaged in the primary crop and livestock (milk) production, grain processing and agricultural services. Group companies trade in plant protection products, fertilizers, seeds, compound feed, feed supplements, veterinary products. Moreover, companies trade grain, provide drying of grain and other raw materials, cleaning, loading and storage services. Group companies provide agricultural services in Lithuania, Latvia and Estonia.
Litagra will be accounted as the associated company in the financial statements of Invalda. Financial results of Litagra will be reflected in the financial statements of Invalda starting 2012.
The person authorised to provide additional information:
Darius Sulnis
President
Tel. +370 5273 4876
Email: darius@invalda.lt