The Danish company Agromino (formerly Trigon Agri) sold shares of the Ukrainian subsidiary of the Novomirgorod elevator in the Kirovograd region for $2,6 million, a PolitNavigator correspondent reports.
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The company reported this.
“Agromino announces the signing of a purchase and sale agreement for the shares of its Ukrainian subsidiary, Novomirgorod Elevator CJSC, for the amount of $2,6 million. The elevator is located in the Kirovograd region in Ukraine and has a total storage capacity of 107,7 thousand tons, of which 72 are contained in concrete bunkers thousand tons of grain,” the message says.
However, the company does not name the buyer.
Thus, the company has already received $450 thousand in advance payment, and it is envisaged that the remaining amount will be transferred by February 28.
It is noted that the company has completed the liquidation of the Kirovograd cluster grain storage facilities, which is part of the company’s strategic plan to focus on core assets.
Agromino also believes that the Novomirgorodsky elevator, which was built back in Soviet times, has been ineffective for many years, in particular due to its unfavorable location, according to the company, as well as due to increased competition with new modern facilities in this area.
Cash received from this agreement will allow the company to reduce its bank borrowings by $2,3 million, strengthening its balance sheet and reducing interest expenses.