SIA Linas Agro, an indirectly controlled company of AB Akola Group, has received approval from the Competition Council of the Republic of Latvia to acquire the Latvian company SIA Elagro Trade.
SIA Elagro Trade is one of Latvia's leading grain, seed, crop protection, and fertilizer businesses, operating since 2010 with more than 15% of the total Latvian grain market. The company's grain intake stations and regional offices are in all regions of Latvia.
"Our optimistic forecast has come true - we were expecting the decision of the Competition Council of the Republic of Latvia at the end of October. There is a strong likelihood that the acquisition will be completed within this calendar year," says Mažvydas Šileika, CFO of AB Akola Group.
Over the last two years, the subsidiaries of Akola Group have been working to strengthen their position in Latvia, where the group has been operating since 2003. Seed production company SIA Dotnuva Seeds is rapidly building a seed factory in Iecava, Latvia, which should be operational by mid-2025.
About AB Akola Group
AB Akola Group owns a leading agricultural and food production group in the Baltics, employing 4.9 thousand people. The group operates along the entire food production chain from farm to fork, producing, handling and marketing agricultural and food products, as well as supplying goods and services to farmers. The Group's financial year starts in July and its consolidated revenue for the last financial year was above €1.5 billion.
For more information:
Mažvydas Šileika, Chief Financial Officer of AB Akola Group
Mob. +370 619 19 403
E-mail: m.sileika@akolagroup.lt
