Akola group
Notification on material event

SEB Bank has issued AB Linas Agro an LTL 200 million credit limit

Panevezys, Lithuania, 2013-08-06 08:05 CEST --   

Next year, member of AB Linas Agro Group, AB Linas Agro which is engaged in global trade in agricultural products and feedstuff, will have access to an LTL 200 million credit limit. This year, taking into account the company’s needs, SEB Bank has increased the limit by LTL 50 million. The purpose of the credit limit is the company’s working capital financing.

“Lithuania’s agricultural sector is growing further and is a particularly promising one. We see the success of operations of AB Linas Agro – a leader in this particular sector, its strong financial results and clearly defined objectives, therefore, we can ensure a higher supply for the company’s working capital over a further year of its activities,” says Aivaras Čičelis, Vice President and Head of Corporate Banking Division of SEB Bank.

Tomas Tumėnas, Finance Director of AB Linas Agro Group maintains that having just closed a year of particular success, which is a result of record-high grain harvest and good market conditions, the company is already preparing for a new season. “This year, we are also determined to remain focused on increasing the scope of operations both in the domestic and foreign markets. We see quite many further business opportunities, therefore, the increased credit limit issued by SEB Bank will enable us to avoid reducing our scope of activities and retain still stronger position in the competition with other companies within this particular sector in the Baltics,” T. Tumėnas says.

Over an economic year that closed on 30 June, AB Linas Agro Group companies sold up to 1.7 million tons of various grains, feedstuff and agricultural inputs.

About SEB

SEB is a leading Nordic financial services group. As a long-term customer relationship bank, SEB in Sweden and the Baltic countries offers financial advice and universal financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The SEB Group staff numbers about 17 thousand employees. For more detailed information about SEB please visit www.sebgroup.com.

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, logistic company UAB Jungtinė Ekspedicija and other companies. The financial year of the companies begins on 1 July.

         For more information please contact:
         Arvydas Žilinskas
         Head of Media Relations with SEB Bank
         Tel.: (8 5) 268 1198, 8 687 04 052
         E-mail: arvydas.zilinskas@seb.lt
         
         Tomas Tumėnas
         Finance Director
         AB Linas Agro Group
         Tel.: (8 45) 507 393, 8 682 36616
         E-mail: t.tumenas@linasagro.lt