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Razgulay Seeks Mandate to Sell Sugar Plants Ros Agro Aims to Buy

Bloomberg, 27.01.16

(Bloomberg) -- Razgulay Group PJSC is seeking shareholder approval to sell major assets including sugar factories that fellow Russian agricultural company Ros Agro Plc wants to buy, potentially increasing the country’s output of the commodity.

Shareholders will vote by Feb. 16 on whether to accept possible sales of 10 sugar plants, as well as farms, grain storage companies and flour mills for at least 6.7 billion rubles ($85 million), Razgulay said in a statement. They are “key” assets, spokesman Dmitry Lgovsky said by e-mail, declining to say if proceeds would be used to pay back debt.

Ros Agro in December said it wanted to buy three or more of the sugar plants after it acquired Razgulay’s borrowings along with a one-fifth stake in the indebted rival. That may boost sugar capacity in Russia as Ros Agro plans to invest in the operations, Maxim Basov, the company’s Director General said in an interview last month.

Razgulay is only seeking approval for sales and won’t necessarily sell all the assets, said Director General Sergey Tribunsky, also Ros Agro’s investment director. It “isn’t about specific deals, it’s about potential for these deals,” he said by phone from Moscow. Razgulay said it will seek an independent appraisal for the value of assets it may sell.

Ros Agro is Russia’s third-largest sugar producer and Razgulay its fifth-biggest, according to the Institute for Agricultural Market Studies in Moscow, know as Ikar.

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