Linas Agro Group AB
SEB Bank Increased Credit Limit to Linas Agro Group by LTL 64 million
Linas Agro Group AB 28.07.2011 08:00 --------------------------------------------------------------------------- Panevezys, Lithuania, 2011-07-28 08:00 CEST (GLOBE NEWSWIRE) -- SEB Bank has increased its credit limit by LTL 64 million issued a year ago to Linas Agro AB, a member of Linas Agro Group AB, engaged in the international trade in agricultural commodities. Such a significant increase in financing is required for the Company's business development and for its working capital needs. 'Linas Agro AB successfully develops its activities irrespective of unfavourable last season for the grain trading companies when lower crops and deterioration of grain quality were reported. The Company continues to retain a solid enough position in the Baltic market and, assessment of the agricultural sector perspectives shows rather good opportunities for development of our partnership', said Aivaras Čičelis, Vice President of SEB Bank, Director of Corporate Banking Division. Tomas Tumėnas, Chief Financial Officer of Linas Agro Group AB noted that the above-mentioned increase in the credit limit will enable Linas Agro AB to maintain successful development of its major activity trends: trade in fertilizer in Lithuania and Latvia and feedstuff in the Polish market. During the Company's financial year, which ended as of 30 June, annual growth of the Company's fertilizer trade volume in Lithuania and Latvia exceeded 20 per cent, or based on the preliminary calculations it totalled LTL 170 million, and the volume of sales in Poland amounted to nearly LTL 44 million. Financial year 2010-2011 was a special year for the Company as it managed to strengthen its position in the Polish market by successfully selling various raw feedstuff. The Company has plans to increase its volume of fertilizer trade in the new fiscal year starting from 1 July in Lithuania and Latvia by 15 per cent, and fertilizer trade and feedstuff trade in Poland - by 20 per cent. About SEB SEB is a leading Northern European financial group. SEB bank builds long-term relations with its customers by providing financial consulting and other financial services. The main activities of SEB banks in Denmark, Finland, Norway and Germany are business and investment banking services to business clients and institutions. SEB group employs 17 thousand people. For more information about SEB please go to www.sebgroup.com. About Linas Agro Group AB Linas Agro Group AB is an agribusiness developing parent company engaged in the production and trade of grains, oilseeds, feed raw materials and agriculture-related products. It controls companies in Lithuania, Latvia, Denmark and Ukraine. The group consists of international trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų centras KŪB, Latvian trading company SIA Linas Agro, international Danish based trading company Linas Agro A/S, Ukrainian based fertilizer production and trade company PJ-SC UKRAGRO NPK, group of companies ŽŪB Landvesta managing agricultural purposes land, group of agricultural companies UAB Linas Agro Konsultacijos, lignin biofuel stock operator UAB Lignineko and other companies. The financial year of the companies begins on 1 July. Together with partners, the parent company owns agricultural inputs provider UAB Dotnuvos projektai and logistics company UAB Jungtine ekspedicija. From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange. For more information about AB Linas Agro Group please visit www.linasagro.lt. More information: Arvydas Žilinskas Head of Media Relations of SEB bank Ph.: +370 5 268 1198, +370 687 04 052 Email arvydas.zilinskas@seb.lt Tomas Tumėnas CFO of Linas Agro Group AB Ph. +370 682 36616 Email t.tumenas@linasagro.lt 28.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Linas Agro Group AB Lithuania Phone: Fax: E-mail: Internet: ISIN: LT0000128092 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden