Romania’s Agricover Holding reportedly to issue €40mn bonds

By bne IntelliNews January 26, 2021

Agricover Holding, a Romanian group that provides services to local farmers, will issue €40mn worth of bonds under a private placement, Profit.ro reported, after the company’s shareholders approved the move.  The company will later float the papers on the Bucharest Stock Exchange (BVB).

Agricover Holding Group is controlled by Iranian businessman Jabbar Kanani (87.2%), a major player in the local agricultural market, while the European Bank for Reconstruction and Development (EBRD) holds a 12.7% minority stake.

The bonds will have a maturity of seven years and a nominal value of €50,000 or €250,000 (to be decided by the managing board), making them inaccessible to small individual investors.

The company's managing board will also decide the yield upon the book-building process.

The group includes the companies Agricover, Agricover Credit IFN, and Abatorul Peris. The agri-business division comprises mature business lines — distribution of inputs (seeds, pesticides, fertilisers and diesel), grain trade, silage services, milk recovery — and the group's new businesses  — distribution of fresh vegetables and fruits and pork processing. The agri-finance division includes financing and specialised insurance services for agriculture.

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