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International Internet Magazine. Baltic States news & analytics Saturday, 27.04.2024, 05:44

SEB increases its financing for Linas Agro by EUR 26 mln

BC, Vilnius, 22.07.2015.Print version
SEB Bank has resumed its financing for AB Linas Agro, a company engaged in trade of agricultural raw materials and in product supply for the agricultural sector, increasing it up to EUR 94 million. Financing to the member of AB Linas Agro Group increased by EUR 26 million for the coming year will enable it expanding its trade both locally and internationally, the company said in a statement, cites LETA/ELTA.

"Agricultural sector in this country is stable and has further growth potential. We are aware of this sector's importance for the economic well-being of our country, therefore, we have been actively financing this sector companies for quite a number of years. So far, Linas Agro has been a success in developing its both local and international trade in agricultural products, so increased financing for its working capital will enable it to continue increasing its trade volumes," says Aivaras Cicelis, Vice President and Head of Corporate Banking Division of SEB Bank.

 

AB Linas Agro Finance Director Tomas Tumenas maintains that according to preliminary estimates over the financial year that ended in June AB Linas Agro product sales increase was nearly 1.7 million tonnes, or 4.5%, year-on-year.

 

Over financial years 2015-2016, the company expects to increase its volumes of different cereals sales and increase its trade in fertilizers in both the domestic and export markets.





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