ROSTOK-HOLDING vests USD 2 mln in grain elevator modernization

ROSTOK-HOLDING group of companies has initiated the reconstruction of its grain elevator in Glukhiv of Sumy region. The total investment is estimated at USD 2 mln.

According to the company's CEO Andrii Shvab, it is planned to construct three additional storages with the total capacity of 27 thou. t. As a result of the reconstruction, the total storage capacity of the grain elevator will be increased to 73 thou. t.

He also added that the company plans to complete the modernization and put the facility into operation by mid-October of the current year.

"Despite the crisis phenomena in the economy and the coronavirus pandemic, we continue implementation of the development program agreed by the shareholders of ROSTOK-HOLDING in late 2019. The current marketing situation in the global grain market, of course, may lead to the adjustment of the planned annual financial indicators, thus the modernization projects become even more significant," said Andrii Shvab.

The reconstruction of the Glukhiv grain elevator will reduce costs and quality loss when storing corn in bags, the company says.

Previously reported that upon the reorganization of ROSTOK-HOLDING, the company has currently 35 thou. ha of farmland under management.