AB Linas Agro Group has concluded a transaction with INVL Sustainable Timberland and Farmland Fund II (STAFF II) for the sale of almost 164 hectares of agricultural land. The amount of the transaction amounted to 990 thousand euros.
Today, four subsidiaries of Linas Agro Group, Panevežys District Aukštadvario ŽUB, UAB Landvesta 1, UAB Landvesta 4 and UAB Landvesta 5 signed a transaction with Zemvaldos Turtas SPV2, the company managed by STAFF II, for the sale of 163.93 hectares of farmland. Agricultural land plots are in Panevežys (131.17 ha), Joniškis (10.62 ha), and Vilkaviškis (22.14 ha) districts.
"Last year we decided to increase the efficiency of asset management. We cultivate over 18 thousand hectares of land and have about 5,897 hectares of our own farmland. We rent part of that land to farmers every year because some of the plots are too far away from our agricultural companies to work efficiently. We have decided to sell part of such plots and focus more on priority activities", says Mažvydas Šileika, CFO of AB Linas Agro Group.
About AB Linas Agro Group
AB Linas Agro Group is the largest agribusiness and food production group in the Baltic States, the shares of which are traded on the Nasdaq Vilnius Stock Exchange. The group of companies operates in the production and trade of agricultural raw materials and food products and supplies goods and services to farmers. It has over 5,600 employees.
AB Linas Agro Group has 78 subsidiaries and three associates. Of these, 70 companies operate in the Baltic States, Ukraine, Poland, Russia, Belarus, the Netherlands, and the United Kingdom.
The Group's financial year begins on 1 July. The consolidated revenue of the Group for the financial year 2020/2021 amounted to EUR 942 million, and net profit was EUR 14.2 million.
In mid-July this year, Linas Agro Group acquired controlling stakes in AB Kauno Grudai, AB Kaišiadoriu Paukštynas, AB Vilniaus Paukštynas, and related companies. Polish antitrust clearance is currently pending to obtain 100% stock of the trading company UAB Agro Logistic Service.
Additional information will be provided by:
Mažvydas Šileika, CFO of AB Linas Agro Group
Mob. +370 619 19 403
E-mail m.sileika@linasagro.lt (mailto:m.sileika@linasagro.lt)
