Post Reply
1-20 of 50
Don Agro to acquire stakes in Russian oncology clinic group for $43.7 mil
Don Agro International has proposed to acquire a 99.99% stake in 812 Capital LLC and 11.5% of the shares in Centre for Innovative Medical Technologies (CIMT) for 3.04 billion Russian rubles ($43.7 million).
Both 812 Capital and the Centre for Innovative Medical Technologies are also known as the &ldquo target group&rdquo . 812 Capital is the holding company for the group, a federal network of oncology clinics operating under the Euroonco brand in the Russian cities of Moscow, Saint Petersburg, Nizhny Novgorod and Krasnodar. It provides a full range of cancer diagnostics and treatment services including surgical interventions of any complexity and all types of antitumor and palliative treatment.
On Sept 6, Don Agro&rsquo s wholly-owned subsidiary, JSC Tetra, signed agreements with the sellers Khvicha Akubardia and Aleksander Sviridov. Akubardia owns about 70.01% of the shares in 812 Capital and 10% of the shares in CIMT. Sviridov owns about 20% of the shares in 812 Capital and 1.5% of the shares in CIMT.
The agreements are in relation to JSC Tetra&rsquo s proposed acquisition of 1% of 812 Capital&rsquo s shares, which constitutes as a non-discloseable transaction under Chapter 10 of the listing rules. The agreements also pertain to the remaining 98.99% stake in 812 Capital where key terms will be set out for the acquisition of 89.01% of shares in 812 Capital while JSC Tetra will be granted an irrevocable call option to purchase 9.98% of the shares in the same company. The parties have also signed a share pledge agreement to serve as security for the completion of the 89.01% stake.
Another agreement was signed to determine the key terms for the acquisition of the 11.5% shares in CIMT.
The acquisitions constitute a &ldquo very substantial acquisition&rdquo by Don Agro defined under chapter 10 of the Catalist rules.
As at Sept 12, 812 Capital has an issued share capital of 10,000 rubles while CIMT has an issued share capital of 49.0 million rubles.
Based on the target group&rsquo s unaudited accounts, the group&rsquo s book value and net tangible asset (NTA) value for the FY2023 ended Dec 31, 2023, is 77.7 million rubles. The net profits attributable to the target group for the same year is around 497.6 million rubles.
According to Don Agro, the target group&rsquo s business will provide the former with the &ldquo necessary recurrent business activities&rdquo moving forward.
Don Agro is currently defined as a &ldquo cash company&rdquo under Rule 1017 of the Catalist rules after it disposed of its operating agricultural business and assets. Under the same rule, an issuer will be removed from the Singapore Exchange S68 (SGX) if its unable to meet the requirements for a new listing within 12 months from when it became a cash company. The current proposed acquisition is said to meet the requirements for a new listing.
Furthermore, the private healthcare market in the Commonwealth of Independent States (CIS), especially in Russia, is reportedly experiencing &ldquo dynamic growth and development&rdquo .
&ldquo According to Federal State Statistics Service of Russia, the volume of services provided by private healthcare in Russia increased by 11.2% y-o-y and reached 1.36 trillion rubles in 2023,&rdquo says Don Agro in its Sept 12 filing.
&ldquo State funding on medicine amounted to at least 3.96 trillion rubles in the same period. The most demanded medical services were laboratory tests, consultations with general practitioners, and diagnostic tests (ultrasound diagnostics and others),&rdquo it adds.
In addition, the increase in cancer morbidity reflects the &ldquo greater availability of diagnostic services and the corresponding improvements in quality&rdquo . For instance, cancer was detected in around 50.5% cases at the first and second stages in 2012. This figure improved to 57.9% in 2021, says Don Agro.
Of the total consideration sum, 30 million rubles will pay for the 1% stake in 812 Capital. Another 2.73 billion rubles will pay for the 89.01% stake while 160 million rubles will pay for the remaining 9.98% stake. The CIMT stake comes up to 120 million rubles.
The consideration for the 1% stake will be paid in full in the form of letters of credit issued by PJSC Sberbank Moscow. The consideration for the 89.01% stake will be paid in three waves, first through advance payments via letters of credit, then wire transfers. The consideration for the 9.98% stake will also be paid via wire transfer while the consideration for the CIMT stake will be paid in advance payments in the form of letters of credit issued by PJSC Sberbank Moscow.
The advance payments are refundable and will be repaid by the vendors, Akubardia and Sviridov, in favour of JSC Tetra within five business days from the date of termination of the balance stake preliminary agreement and the CIMT stake preliminary agreement signed on Sept 6.
On a pro forma basis, Don Agro&rsquo s NTA per share would&rsquo ve been at 66.29 cents after the disposals and proposed acquisitions compared to 94.61 cents after the disposals and before the acquisitions. The company&rsquo s NTA per share was 38.12 cents before the disposals and acquisitions.
Earnings per share (EPS) on a pro forma basis would have improved to 11.59 cents after the disposals and proposed acquisitions. EPS would have been at 6.39 cents after the disposals and before the acquisitions, but still better than the actual loss per share of 2.65 cents before the disposals and acquisitions.
After the disposals and acquisitions, Don Agro&rsquo s gearing would be at 137.9% compared to 10.31% before both transactions.
TRADING HALT.
new acquisition?
Seems like the company is not distributing any cash back to shareholders.
Big drop tomorrow
Up 28% today. to $0.24
Still far from its cash vlaue of $0.94
SmallSmall ( Date: 08-Jul-2024 00:41) Posted:
Company is now a cash company with $0.94 cash per share held in Russia.
Can see the fruit but cannot eat
STATUS AS A CASH COMPANY
3.1 As a consequence of the Proposed Disposals, Happy Cow, LLC will be the remaining subsidiary
of Tetra. As Happy Cow, LLC is not an operating subsidiary, the Company will not have any
operating businesses following the completion of the Proposed Disposals and has become a
cash company as defined under Rule 1017 of the Catalist Rules. Pursuant to Rule 1017(1)(a) of
the Catalist Rules, the Company must place 90% of its cash and short-dated securities (including
existing cash balance and the consideration arising from the disposal(s) undertaken by the issuer)
in an account opened with and operated by an escrow agent which is part of any financial
institution licensed and approved by the Monetary Authority of Singapore (&ldquo Escrow Account&rdquo ). |
|
Company is now a cash company with $0.94 cash per share held in Russia.
Can see the fruit but cannot eat
STATUS AS A CASH COMPANY
3.1 As a consequence of the Proposed Disposals, Happy Cow, LLC will be the remaining subsidiary
of Tetra. As Happy Cow, LLC is not an operating subsidiary, the Company will not have any
operating businesses following the completion of the Proposed Disposals and has become a
cash company as defined under Rule 1017 of the Catalist Rules. Pursuant to Rule 1017(1)(a) of
the Catalist Rules, the Company must place 90% of its cash and short-dated securities (including
existing cash balance and the consideration arising from the disposal(s) undertaken by the issuer)
in an account opened with and operated by an escrow agent which is part of any financial
institution licensed and approved by the Monetary Authority of Singapore (&ldquo Escrow Account&rdquo ).
Russian roulette counter.
Don Agro surges after plans to sell 92.3% group assets for 4.5 billion roubles
SHARES of Don Agro International surged in early trading on Monday (Apr 29) after the group announced that its wholly owned JSC Tetra is selling all stakes in four subsidiaries based in Russia for a total of 4.5 billion roubles (S$66.4 million).
As at 9.21 am, the counter rose 55.2 per cent, or S$0.08, to S$0.225, with 15,000 shares changing hands. The last time it traded above S$0.20 can be traced back to October 2023.
The Catalist-listed agri-player in the Commonwealth of Independent States said before market opened on Monday that its unit Tetra had entered into preliminary sales and purchase agreements last Friday with two companies separately.
These are to set out the key terms on main sale and purchase agreements to dispose all of Tetra&rsquo s stakes &ndash between 90 and 99.99 per cent &ndash in Don Agro LLC, Don Agrarian Group, Don Muchnov and Volgo-Agro. All four units operate in the agricultural industry and have a total of 65,000 hectares of land banks in Russia under their control.
The total net asset value of the four proposed disposals stood as 92.3 per cent of the group&rsquo s net asset value, based on its latest FY2023 financials.
Tetra entered the preliminary agreements with Moscow-based Agroholding Prostory for the proposed disposal of its 99.99 per cent of the shares in Don Agro LLC, 99.99 per cent of the shares in Don Agrarian Group and 90 per cent of the shares in Don Muchnov for an aggregate consideration of 4.45 billion roubles.
Separately, Tetra entered the agreements with DonTK, a Russian investment fund manager, to sell off all its 99.99 per cent stake in Volgo-Agro for 50 million roubles.
Don Agro noted that the proposed disposals, whose aggregate consideration represents 304.9 per cent of the group&rsquo s market capitalisation, will unlock value in the four units and re-strategise its financial and capital resources.
Assuming that the proposed disposals of all four subsidiaries had been completed on Dec 31, 2023, the group&rsquo s net tangible assets per share for FY2023 would be increased 148.2 per cent to S$0.9461, from S$0.3812.
Had the proposed disposals been completed by Jan 1, 2023, the group&rsquo s FY2023 net loss of S$4 million would be reversed to S$9.6 million net profit.
Don Agro added that Happy Cow will be the remaining subsidiary of Tetra, which is not an operating business, upon completion of the proposed disposals.
While the group will not have any operating businesses following the disposals, it intends to explore new suitable business opportunities in both the current and/or new industries.
&ldquo The company will review and determine the best use for the proceeds from the proposed disposals, including but not limited to potential acquisitions and/or distributions back to shareholders,&rdquo Don Agro added.
Rouble is worthless currency
Excess of Proceeds over Book Value
(a) Based on the audited consolidated financial statements of the Group for FY2023, the book value and net tangible asset value of the Target Group is approximately RR 3,602,625,000 (equivalent to approximately S$53,191,3721 ) as at 31 December 2023. There is no open market value for the Target Group as they are not publicly traded. The Target Group Consideration (being the proceeds of the Proposed Target Group Disposal) amounts to RR 4,450,000,000 (equivalent to approximately S$65,702,5371 ) and is an excess of approximately RR 847,375,000 (equivalent to approximately S$12,511,1661 ) over the book value of the Target Group as at 31 December 2023. Accordingly, the Group will record a gain on disposal of RR 847,375,000 (equivalent to approximately S$12,511,1661 ) from the Proposed Target Group Disposal.
(b) Based on the audited consolidated financial statements of the Group for FY2023, the book value and net tangible liability value of Volgo-Agro LLC is approximately RR 22,760,000 (equivalent to approximately S$336,0431 ) as at 31 December 2023. There is no open market value for Volgo-Agro LLC as it is not publicly traded. The Volgo-Agro Consideration (being the proceeds of the Proposed Volgo-Agro Disposal) amounts to RR 50,000,000 (equivalent to approximately S$738,2311 ) and is an excess of approximately RR 72,760,000 (equivalent to approximately S$1,074,2731 ) over the book value of VolgoAgro LLC as at 31 December 2023. Accordingly, the Group will record a gain on disposal of RR 72,760,000 (equivalent to approximately S$1,074,2731 ) from the Proposed VolgoAgro Disposal.
Before the Proposed Disposals After the Proposed Target Group Disposal After the Proposed Volgo-Agro Disposal After the Proposed Disposals NTA (S$&rsquo 000) 57,284 141,095 1,075 142,170 Number of issued shares 150,272,700 150,272,700 150,272,700 150,272,700 NTA per share (cents) 38.12 93.89 0.72 94.61 cents
Following the satisfaction of the Conditions Precedent, the parties for the Agreement propose to proceed with the completion of the Proposed Disposal within fifteen (15) business days from the date of this announcement, or such other date the parties for the Agreement may agree in writing.
Some nibbling detected. Insiders got wind?
SmallSmall ( Date: 03-Jul-2023 12:09) Posted:
| Time to buy some at $0.30 |
|
Time to buy some at $0.30
0.3 
-0.03
went down instead of up
must be fake assets 😂 Joelton ( Date: 29-Jun-2023 11:57) Posted:
Don Agro shares hit 16-month high after proposed sale of crop, milk businesses
SHARES of Don Agro International : GRQ +73.68% hit a 16-month high on Wednesday (Jun 28) when it resumed trading, after the group said it has proposed to sell its crop and milk production businesses, a move which will leave flour milling as its remaining revenue-generating business.
The Catalist-listed counter rose as much as 89.5 per cent or S$0.17 to S$0.36 as at 9.08 am on Wednesday. The last time it closed near this level was on Feb 25, 2022.
The counter later closed 73.7 per cent or S$0.14 higher at S$0.33. There were no married deals recorded on ShareInvestor.
On Tuesday, the Russia-based agriculture company said its wholly-owned subsidiary, JSC Tetra, will dispose of between 99 per cent and 99.99 per cent of its stakes in four subsidiaries for 6.2 billion roubles (around S$113 million).
These subsidiaries &ndash Don Agro LLC, Volgo-Agro, Happy Cow and JSC Don Agro &ndash operate in the agricultural industry and focus primarily on crop and milk production.
Tetra has entered into a conditional sales and purchase agreement with Russian agribusiness Volgo-Don Agroinvest, which produces crop and livestock. As the proposed deal is considered a &ldquo major transaction&rdquo , it requires shareholder approval.
The move comes as the company looks to restrategise the group&rsquo s financial and capital resources, said Don Agro. Upon completion of the proposed disposal, the group plans to explore new business opportunities in both the current or new industries, it added.
Assuming the deal was completed on Dec 31, 2022, Don Agro expects the proposed deal to raise its net tangible assets per share to S$1.0012 from S$0.4846 and its earnings per share to S$0.4106 from a loss per share of S$0.0118, based on pro-forma estimates.
The sale consideration of 6.2 billion roubles comprises a 150 million roubles security payment, which Tetra has received. Around 5.88 billion roubles in payment for Don Agro shares shall be paid in the form of a letter of credit, while the remaining will be wire transferred to Tetra.
The purchaser will also make an additional payment of about 700 million roubles which covers the sale of goods produced by the subsidiaries, certain expenses and other adjustments.
The group expects to record a gain on disposal of about 3.5 billion roubles from the proposed transaction.
|
|
Don Agro shares hit 16-month high after proposed sale of crop, milk businesses
SHARES of Don Agro International : GRQ +73.68% hit a 16-month high on Wednesday (Jun 28) when it resumed trading, after the group said it has proposed to sell its crop and milk production businesses, a move which will leave flour milling as its remaining revenue-generating business.
The Catalist-listed counter rose as much as 89.5 per cent or S$0.17 to S$0.36 as at 9.08 am on Wednesday. The last time it closed near this level was on Feb 25, 2022.
The counter later closed 73.7 per cent or S$0.14 higher at S$0.33. There were no married deals recorded on ShareInvestor.
On Tuesday, the Russia-based agriculture company said its wholly-owned subsidiary, JSC Tetra, will dispose of between 99 per cent and 99.99 per cent of its stakes in four subsidiaries for 6.2 billion roubles (around S$113 million).
These subsidiaries &ndash Don Agro LLC, Volgo-Agro, Happy Cow and JSC Don Agro &ndash operate in the agricultural industry and focus primarily on crop and milk production.
Tetra has entered into a conditional sales and purchase agreement with Russian agribusiness Volgo-Don Agroinvest, which produces crop and livestock. As the proposed deal is considered a &ldquo major transaction&rdquo , it requires shareholder approval.
The move comes as the company looks to restrategise the group&rsquo s financial and capital resources, said Don Agro. Upon completion of the proposed disposal, the group plans to explore new business opportunities in both the current or new industries, it added.
Assuming the deal was completed on Dec 31, 2022, Don Agro expects the proposed deal to raise its net tangible assets per share to S$1.0012 from S$0.4846 and its earnings per share to S$0.4106 from a loss per share of S$0.0118, based on pro-forma estimates.
The sale consideration of 6.2 billion roubles comprises a 150 million roubles security payment, which Tetra has received. Around 5.88 billion roubles in payment for Don Agro shares shall be paid in the form of a letter of credit, while the remaining will be wire transferred to Tetra.
The purchaser will also make an additional payment of about 700 million roubles which covers the sale of goods produced by the subsidiaries, certain expenses and other adjustments.
The group expects to record a gain on disposal of about 3.5 billion roubles from the proposed transaction.
Targeted date of fulfillment of conditions is 29 August 2023 with possible 60 days extension. This is unlike some complicated recent deals that requires so many regulatory approvals and can take up to a year.
Conditions Precedent to the Proposed Disposal Completion under the Agreement is conditional upon certain conditions precedent (&ldquo Conditions Precedent&rdquo ) having been satisfied, including but not limited to the following:
(a) the restructuring of the Group which includes the consolidating of 100% shareholding of the Target Group in the direct and indirect control of Tetra by way of (i) sale and transfer of the Company&rsquo s minority shareholding in Don Agro LLC, HAPPY COW LLC and JSC Don Agro to Volgo-Agro LLC (with regard to the Company&rsquo s minority shareholding in Don Agro LLC), and to Don Agro LLC (with regard to the Company&rsquo s minority shareholding in HAPPY COW LLC and JSC Don Agro), (ii) acquisition by Don Agro LLC of the minority shareholding of 0.01% of the shares in Volgo-Agro LLC, and (iii) acquisition by Volgo-Agro LLC of the minority shareholding of 0.01% of the shares in Agro 34 LLC, the 99.99%- owned subsidiary of Volgo-Agro LLC
(b) the increase of authorised capital of Don Agro LLC by way of additional contributions from other entities within the Group
(c) consent from the Federal Antimonopoly Service of the Russian Federation being received for the Proposed Disposal
(d) written consent from PJSC Sberbank (lender to Don Agro LLC) in relation to the change of member composition of Don Agro LLC
(e) the Company obtaining Shareholder approval for the Proposed Disposal
(f) there are no Extraordinary Exceptional Circumstances
(g) the Representations remain accurate and reliable in all material respects and the undertakings of Tetra to ensure economic activity of the Target Group are carried on according to the Agreement
(h) receivables under a loan to Volgo-Agro LLC including interest accrued but not paid for the use of funds, acquired by Tetra on the basis of an assignment agreement entered into between Tetra and New Investment Group, LLC are assigned to JSC Don Agro as partial repayment by Tetra of debts before JSC Don Agro (&ldquo Tetra Debts before JSC Don Agro&rdquo )
(i) (A) Tetra, Don Agro LLC and the Company or (B) Don Agro LLC and the Company, entering into an agreement according to which Don Agro LLC transfers its debts owed to the Company to Tetra (&ldquo Don Agro LLC Debts before Tetra&rdquo ) and
(j) repayment of Tetra Debts before JSC Don Agro and Tetra debts before Degtevskoe LLC (98%-owned subsidiary of Don Agro LLC) by way of partial disposal of receivables under Don Agro LLC Debts before Tetra.
ozone2002 ( Date: 28-Jun-2023 10:47) Posted:
0.31  +0.31
Wow big gap in share price and improved NTA
SmallSmall ( Date: 28-Jun-2023 09:38) Posted:
Don Agro to sell subsidiaries for $113 million
The Edge SingaporeWed, Jun 28, 2023 &bull 12:07 AM GMT+08 &bull 9 hours ago &bull 2 min read
Russia-based, Singapore-listed Don Agro International plans to sell four of its subsidiaries to another Russian company, Agroinvest Group, for 6.2 billion roubles, or $113 million, in cash.
These four units control a landbank of around 67,000 ha and are primarily in crop farming and milk production. Citing an estimate from a valuer, Don Agro says these four entities are valued at $106.4 million.
The buyer, Agroinvest Group controls a total landbank of more than 450,000 ha, and is not a subject of sanctions and is an independent third party, says Don Agro.
On a pro forma basis, Don Agro' s NTA will increase to $150.45 million upon completion of the sale, versus $72.8 million before the sale. That' s equivalent to 100.12 cents per share, and 48.46 cents per share, respectively.
According to Don Agro, the sale will " unlock the value of the assets" and " re-strategise" the financial and capital resources of itself.
With the main operating businesses sold, Don Agro' s key remaining business is that of flour milling.
" The group intends to explore new suitable business opportunities in both the current and/or new industries," says Don Agro' s CEO Marat Devlet-Kildeyev in an announcement via the stock exchange.
The company may acquire new businesses, or distribute the proceeds to shareholders, he adds.
Don Agro shares last traded at 19 cents, down 13.64% year to da
|
|
|
|
0.31 +0.31
Wow big gap in share price and improved NTA
SmallSmall ( Date: 28-Jun-2023 09:38) Posted:
Don Agro to sell subsidiaries for $113 million
The Edge SingaporeWed, Jun 28, 2023 &bull 12:07 AM GMT+08 &bull 9 hours ago &bull 2 min read
Russia-based, Singapore-listed Don Agro International plans to sell four of its subsidiaries to another Russian company, Agroinvest Group, for 6.2 billion roubles, or $113 million, in cash.
These four units control a landbank of around 67,000 ha and are primarily in crop farming and milk production. Citing an estimate from a valuer, Don Agro says these four entities are valued at $106.4 million.
The buyer, Agroinvest Group controls a total landbank of more than 450,000 ha, and is not a subject of sanctions and is an independent third party, says Don Agro.
On a pro forma basis, Don Agro' s NTA will increase to $150.45 million upon completion of the sale, versus $72.8 million before the sale. That' s equivalent to 100.12 cents per share, and 48.46 cents per share, respectively.
According to Don Agro, the sale will " unlock the value of the assets" and " re-strategise" the financial and capital resources of itself.
With the main operating businesses sold, Don Agro' s key remaining business is that of flour milling.
" The group intends to explore new suitable business opportunities in both the current and/or new industries," says Don Agro' s CEO Marat Devlet-Kildeyev in an announcement via the stock exchange.
The company may acquire new businesses, or distribute the proceeds to shareholders, he adds.
Don Agro shares last traded at 19 cents, down 13.64% year to da
|
|
Based on the audited consolidated financial statements of the Group for FY2022, the book value and net tangible asset value of the Target Group is approximately RR 3,417,311,000 (equivalent to approximately S$62,285,4371 ) as at 31 December 2022. There is no open market value for the Target Group as they are not publicly traded. The Calculated Consideration (being the proceeds of the Proposed Disposal) amounts to RR 6,900,000,000 (equivalent to approximately S$125,762,4821 ) and is an excess of approximately RR 3,482,689,000 (equivalent to approximately S$63,477,0451 ) over the book value of the Target Group as at 31 December 2022. Accordingly, the Group will record a gain on disposal of RR 3,482,689,000 (equivalent to approximately S$63,477,0451 ) from the Proposed Disposal.
That is $0.422 per shares. Hope they distribute at least half to shareholders. :)
Don Agro to sell subsidiaries for $113 million
The Edge SingaporeWed, Jun 28, 2023 &bull 12:07 AM GMT+08 &bull 9 hours ago &bull 2 min read
Russia-based, Singapore-listed Don Agro International plans to sell four of its subsidiaries to another Russian company, Agroinvest Group, for 6.2 billion roubles, or $113 million, in cash.
These four units control a landbank of around 67,000 ha and are primarily in crop farming and milk production. Citing an estimate from a valuer, Don Agro says these four entities are valued at $106.4 million.
The buyer, Agroinvest Group controls a total landbank of more than 450,000 ha, and is not a subject of sanctions and is an independent third party, says Don Agro.
On a pro forma basis, Don Agro' s NTA will increase to $150.45 million upon completion of the sale, versus $72.8 million before the sale. That' s equivalent to 100.12 cents per share, and 48.46 cents per share, respectively.
According to Don Agro, the sale will " unlock the value of the assets" and " re-strategise" the financial and capital resources of itself.
With the main operating businesses sold, Don Agro' s key remaining business is that of flour milling.
" The group intends to explore new suitable business opportunities in both the current and/or new industries," says Don Agro' s CEO Marat Devlet-Kildeyev in an announcement via the stock exchange.
The company may acquire new businesses, or distribute the proceeds to shareholders, he adds.
Don Agro shares last traded at 19 cents, down 13.64% year to da
Don Agro to sell subsidiaries for $113 million
Russia-based, Singapore-listed Don Agro International plans to sell four of its subsidiaries to another Russian company, Agroinvest Group, for 6.2 billion roubles, or $113 million, in cash.
These four units control a landbank of around 67,000 ha and are primarily in crop farming and milk production. Citing an estimate from a valuer, Don Agro says these four entities are valued at $106.4 million.
The buyer, Agroinvest Group controls a total landbank of more than 450,000 ha, and is not a subject of sanctions and is an independent third party, says Don Agro.
On a pro forma basis, Don Agro' s NTA will increase to $150.45 million upon completion of the sale, versus $72.8 million before the sale. That' s equivalent to 100.12 cents per share, and 48.46 cents per share, respectively.
According to Don Agro, the sale will " unlock the value of the assets" and " re-strategise" the financial and capital resources of itself.
With the main operating businesses sold, Don Agro' s key remaining business is that of flour milling.
" The group intends to explore new suitable business opportunities in both the current and/or new industries," says Don Agro' s CEO Marat Devlet-Kildeyev in an announcement via the stock exchange.
The company may acquire new businesses, or distribute the proceeds to shareholders, he adds.
Don Agro issues it will report a loss for FY2022
Don Agro International has issued warned that it expects to report a loss for the FY2022.
The Russia-based agriculture company explains that the losses will be due to significant changes in the fair value of its biological assets, specifically, its crops, as a result of lower prices agriculture produce can fetch within Russia.
In addition, it got to bear with a &ldquo significant leap&rdquo in costs of seeds, fertilizers and spare parts in FY2022.
The company expects to report its FY2022 numbers by March 1.
For its 1HFY2022 ended June 30 2022, the company reported earnings of $3.8 million, down 19.5% y-o-y. Revenue was up 91.6% in the same period to $18.1 million.
Don Agro shares last traded at 25 cents, down 37.18% over the past year.
The company&rsquo s IPO back in Dec 2020 was offered at 22 cents per share.
Don Agro is the only Russia-based companies to list on SGX.
Russia' s state-controlled gas giant Gazprom used to quote its GDR on SGX too but has since become delisted in May last year because of sanctions imposed following the invasion of Ukraine by Russia.
