News
29.10.2009
Sintal Agriculture raises USD 13mn through placement of shares
The agricultural holding Sintal Agriculture has raised USD 13mn (EUR 8.75mn) through placement of shares accounting for 17.2% of the charter capital. The placement price stood at USD 2.28 per depositary receipt, which corresponds to the company's capitalization of USD 75mn. The paper of Sintal will be listed on the Frankfurt Stock Exchange. New investors bought the majority of depositary receipts. As a result, aggregate share of foreign investors in the holding's capital exceeded 35%.
Sintal Agriculture works about 85,000 hectares of land in the Kharkov and Kherson regions. It cultivates wheat, soya, corn and barley. The holding also owns two sugar refineries in the Kharkov region. Net income of sintal in 2008 amounted to USD 38mn, net profit to USD 14.1mn.
Sintal will allotted the gained funds to increase its share in the Krasnoperekopsk-based elevator with the capacity of 100,000 tons from 50% to 100%, build a new elevator in the Kharkov region with the capacity of 115,000 tons, and expand the area of the irrigated land in the Kherson region by over 20,000 hectares.
