The construction of the Akola Group seed factory in Latvia will be financed by Swedbank AS [Yahoo! Finance]
SWEDBANK AB S/ADR (SWDBY)
NASDAQ:AMEX Investor Relations:
swedbank.com/investor-relations
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Source: Yahoo! Finance
The loan amounting to 7 million euros was granted for ten years. AB Akola Group itself became the guarantor of the loan. "We have entered a new stage of the group's development and are expanding our farmer service capacity in neighboring Latvia. In April, we opened a new agricultural trade and service center in Jekabpils, a modern workshop for servicing agricultural machinery, and a spare parts warehouse. A few days ago, we concluded a deal to acquire the Latvian grain trader SIA Elagro Trade. Investing around EUR 9.5 million in the seed factory project is another consistent step in Latvia. In addition to the new seed factory, warehouse buildings and site facilities in Iecava will be renovated. We are using our own funds for all these works, but a good financial partner is one of the most important components of the project," says Mažvydas Šileika, CFO of AB Akola Group. “This investment marks new opportunities for Latvian farmers. The planned capacity of the plant will allow the
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