Saudi Continental Farmers mulls purchasing MRIYA Agro Holding

Saudi Continental Farmers mulls purchasing MRIYA Agro Holding

Continental Farmers already has its agricultural assets in Ukraine and Poland

Saudi Arabian Continental Farmers Group, associated with Saudi United Farmers Holding Company, mulls takeover of domestic MRIYA Agro Holding.

The final agreements have not been reached yet, as MRIYA Agro Holding does not welcome a low price offered by the Saudi investors.

Another agricultural major Kernel offered buyout for MRIYA Agro Holding in January 2017, but the company refused the offer. As a result, Kernell bought Agro Invest Ukraine and Ukrainian Agrarian Investments.

Continental Farmers Group entered Ukrainian market in 2006. The company manages Agro L V Limited Agromark UK in Ukraine. The major shareholder of the company is United Farmers Holding Company (UFHC).

To remind, Mriya Agro Holding announced default in 2015, and the creditors took control over the company as a result. The total debts of the company stood at USD 1.3bn at that time.

In May 2017, Mriya Agro Holding managed to arrange restructuring of debts with the IFC (International Finance Corporation).

At the end of 2017, Mriya Agro Holding decided to change the corporate structure of the holding.

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