Don Agro has a 99.99% stake in Don Agro LLC and Don Agrarian Group JSC. It has a 90% stake in Don Muchnov LLC.
The closing of the SPAs is conditional upon receiving consent from the Federal Antimonopoly Service of the Russian Federation and the termination of all obligations owed to JSC Tetra among others.
The consideration payable by Agroholding Prostory for Don Agro’s shares is 4.06 billion Russian roubles ($59.9 million). It will pay 130 million roubles or $1.9 million for the Don Muchnov shares and another 260 million roubles or $3.8 million for the Don Agrarian Group shares.
As at the FY2023 ended Dec 31, 2023, the target group reported a collective loss of $3.1 million, compared to the $144,000 earnings in the FY2022.
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On the same day, JSC Tetra entered into another preliminary SPA with Donskaya trastovaya kompaniya LLC (DonTK) for the proposed disposal of Don Agro’s 99.99%-owned Volgo-Agro. Donskaya trastovaya kompaniya is the trustee of closed unit investment fund combined Aldan.
The consideration payable by DonTK is 50 million roubles or $738,231.
For the FY2023, Volgo-Agro reported a loss of $594,000, deeper than the $63,000 loss reported in the FY2022.
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The proposed disposals are deemed to be major transactions as defined under the Catalist rules of the Singapore Exchange (SGX).
As at 9.30am, shares in Don Agro are trading 5.4 cents higher or 37.24% up at 19.9 cents.
