Agria Group Holding To IPO Between November 29 and December 3

Agria Group Holding To IPO Between November 29 and December 3

The initial public offering of Agria Group holding will take place between November 29 (Thursday) and December 3 (Monday), CEO and chair of the Board of Directors Emil Raykov told The company's presentation before investors has been scheduled November 28, Raykov also added.

Agria Group will IPO 1,700,000 new shares with a face value of 1 lev. The issue price per share will be between 9 and 13 leva, which means the maximum amount of funds the company may generate is 21 mln leva (10.737 mln euros).

The company's largest project at the moment is the construction and launching into exploitation of a biofuel plant in Devnya. Agria Group's investments strategy requires some 15 – 16 mln euros, more than 50% of which will be consumed by the construction of the biodiesel plant.

Te rest will be invested in initiatives in the sectors of food industry, agribusiness (land acquisitions and purchase of equipment), construction and reconstruction of irrigation systems on the land plots owned by the holding's units.

Agria Group Holding's consolidated net sales last year amounted to 47.4 mln leva (24.235 mln euros). The company expects these figures to grow 100% by 2012 reaching 98.6 mln leva (50.413 mln euros).

2006 consolidated profit stood at 617 thousand leva (315 thousand euros). 2007 H1 profit reaches 900 thousand leva (460 thousand euros). The company expects profit to grow to 1.758 mln leva (898 thousand euros) at the end of 2007, and to 10 mln leva (5.112 mln euros) by 2012.

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