Panevezys, Lithuania, 2012-12-28 08:00 CET (GLOBE NEWSWIRE) --
AB Linas Agro Group signed agreements with natural persons, the shareholders of UAB Jungtine Ekspedicija on acquisition of 54.95% of the company's shares. The latter agreements will come into force once they are approved by the Competition Council. AB Linas Agro Group plans to spend litas 1,045,000 on stock acquisition.
UAB Jungtine Ekspedicija, established in Klaipeda in 1998, provides freight transportation, reloading, warehousing, insurance, bulk cargo packing into bags in Klaipeda seaport, provides custom agent's services, selects optimum routes for freight transportation, provides ship agency and chartering services. The major freight of the company consists of agricultural produce (rapeseed, grain, oilseed cakes and meal), fertilisers, vegetable oils, biodiesel, various chemical products, metal raw material and products, vitamin concentrates and fodder additives, a wide range of fossils and minerals, various other standard size and oversized cargoes. The company‘s turnover in 2011 was over LTL 5.7 million, EBITDA was LTL 431,528, the company has 10 employees. The company collaborates with seven stevedoring and three cargo control companies in Klaipeda seaport.
At present, AB Linas Agro Group controls 45.05% of the stock of UAB Jungtine Ekspedicija and is hoping to acquire the remaining 54.95% and to take over the company's management control.
“UAB Jungtine Ekspedicija is an important link of the international trade chain of AB Linas Agro Group. Our group represents the buyer of this company’s services. UAB Jungtine Ekspedicija provides freight forwarding, ship agency and chartering services in Klaipeda seaport, by handling cargoes of our group. Since our trade volumes have already exceeded the limit of million tons of cargoes, the role of logistics in the trade chain is becoming increasingly important, therefore we want to have full control of this link of the trade chain.
We also believe that the company will expand its activities by searching for other new customers. Notwithstanding the big number of companies providing similar services in Klaipeda seaport and competition is very severe, Jungtine Ekspedicija can offer more to its clients than some other companies, since it enjoys the exclusive right to use roofed warehouses with 57 thousand tons capacity and liquid products terminal with 7.5 thousand tons capacity in Klaipeda seaport, its staff have high qualifications and immense experience. Lithuania is a splendid country for cargo transit from East to West and vice versa, therefore there is a potential for developing foreign companies aimed services. The major clients of the company come from Germany, Ukraine, Lithuania, Russia, Latvia, and at present the company is in the process of negotiations with French company trading in minerals on cargo transportation to CIS countries through Klaipeda seaport", says Mr. Andrius Pranckevičius, Deputy Managing Director of AB Linas Agro Group.
About AB Linas Agro Group
AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff and agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų centras KŪB (controlling grain storages in Joniškis, Kėdainiai, Kupiškis, Pasvalys, Šakiai district, Šiauliai and Vilkaviškis), Latvian trading company SIA Linas Agro, international trading company Linas Agro A/S in Denmark, group of companies ŽŪB Landvesta, managing agricultural land, holding of agricultural companies UAB Linas Agro Konsultacijos, agricultural inputs supplier UAB Dotnuvos Projektai, operator of lignin biofuel accumulation UAB Lignineko and other companies. The financial year of the companies begins on 1 July. The total headcount of the Group exceeds 1000 employees.
Together with partners, the controlling company owns logistic company UAB Jungtinė Ekspedicija and grain storage company Karčemos Kooperatinė Bendrovė.
From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange.
More information:
Andrius Pranckevičius
Deputy Managing Director of AB Linas Agro Group
Phone +370 687 71 419
E-mail a.pranckevicius@linasagro.lt