HarvEast authorized for the purchase of Agro-Holding MC
The Antimonopoly Committee of Ukraine (AMCU) authorized HarvEast Holding Limited (Cyprus) for the acquisition of Agrotime Invest Limited (Cyprus) shares.
Acquisition of shareholding in Agrotime Invest Limited will provide HarvEast Holding with an excess of 50% of the votes in the company's supreme management body.
According to the YouControl analytical system, Agrotime Invest Limited is a subsidiary of Agro-Holding MC, which specializes in grain and industrial crops production. Yuriy Karasyk is the owner of Agro-Holding MC. The farmland bank of Agro-holding MC is 25 thou. ha in Kyiv and Zhytomyr regions.
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"Agro-Holding MC is a large agricultural company with a rich history, excellent professional expertise and a hardworking team. HarvEast will provide stable funding for the activities of the new asset, as well as the continuity of tradition. Our plans are to increase the efficiency of agricultural activities of Agro-Holding MC by introducing innovative technologies and enhancing the functions of the back office," Dmitriy Skornyakov, HarvEast CEO, informed in the comment for Latifundist.com.
The agricultural enterprise acquisition may happen in the near future, the terms of the transaction have not been disclosed by the parties.
According to market participants, the amount of the transaction varies in the range of USD 20-25 million.
By the Latifundist.com information, previously Epicenter K negotiated the purchase of Agro-Holding MC, but the transaction was not completed as its participants did not settle the price issue.
Note: HarvEast is an agricultural holding which shareholders are SCM Limited holding company and Smart Holding. The company manages more than 90 thou. ha of farmland in Donets'k region. HarvEast produces grains and legumes. It is also engaged in dairy farming and seed production.