Don Agro International's Tetra to Dispose Shares Worth $67.1m

Tetra’s shares in four companies will be sold to Agroholding Prostory and DonTK.

Don Agro International subsidiary JSC Tetra will be disposing of its shares in four companies with a value of $67.1m.

In a disclosure, Don Agro said Tetra will be selling its shares in three companies to Agroholding Prostory worth $65.7m.

These include 99.99% of Tetra’s shares in Don Agro LLC, Don Agrarian Group JSC, and 90% of its shares in Don Muchnov LLC, collectively known as the Target Group.

JSC also signed a preliminary sale and purchase agreement with Donskaya trastovaya kompaniya LLC (DonTK) for the sale of 99.99% of its shares in Volgo-Agro LLC.

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“The Proposed Disposals will unlock the value of the assets in the Target Group and Volgo-Agro LLC and re-strategise the financial and capital resources of the Group as the proposed consideration is significantly above the market capitalisation of the Group,” the disclosure read.

“The Group intends to explore new suitable business opportunities in both the current and/or new industries and will make relevant announcements when there are material developments,” it added.

Happy Cow will be Tetra’s remaining subsidiary after the completion of the proposed disposals.

The assets sold comprise 92.3% of the Group’s net asset value.

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