Agrowill Group planning to increase authorised capital

An Extraordinary General Meeting of Agrowill Group is to be convened on 21 July to take a decision on increasing the company’s authorised capital.

The authorised capital is planned to be increased by almost 18%, from LTL 26.143 million  to LTL 30.778 million. The fixed issue price per share is LTL 5.80.

ŽIA Valda, the largest shareholder of Agrowill Group, intends to acquire 66.7% of the new share issue. The remaining LTL 4.635 million worth of shares intended for small shareholders will be offered publicly.

“The fact that most of the shares are planned to be bought by the company’s main shareholder, ŽIA Valda, once again proves that they believe in the company’s future and invest in its further development, without any doubts about the return. Based on the selected share distribution scheme, the remaining portion of the share issue intended for small investors will first of all be bought by Finasta Rizikos Valdymas and then offered publicly at the same price,” Valentas Šulskis, General Manager of Agrowill Group, said.

According to Šulskis, part of the shares will be distributed via the stock exchange in order to increase trade in the company’s shares and promote long-term interest in the company. “In my opinion, the agricultural production sector is currently one of the most attractive and most promising areas for investment,” Šulskis said.

In 2007, consolidated net profit of Agrowill Group totalled LTL 31.9 million (EUR 9.2 million). In 2007, its earnings made up LTL 69 million (EUR 20 million).  Excluding the effect of revaluation of investment properties, net profit in 2007 amounted to LTL 9.8 million (EUR 2.8 million) and earnings from the main activities reached LTL 43 million (EUR 12.5 million).

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