Shareholders of Cyprus-based Ros Agro vote to delist GDRs from Moscow, Astana exchanges
MOSCOW. March 31 (Interfax) - The shareholders of Ros Agro Plc, the Cyprus-based former holding company of Russian agribusiness group Rusagro , voted at an extraordinary general meeting to delist the company's depositary receipts from the Moscow and Astana stock exchanges, the company reported on Friday.
"The shares of PJSC Rusagro Group continue to trade on the Moscow Exchange under the ticker RAGR as usual," the company said.
Last September, the Arbitration Court of the Moscow Region ruled to suspend Ros Agro Plc's corporate rights in its Russian subsidiary PJSC Rusagro Group in a lawsuit brought by Russia's Agriculture Ministry. The Tenth Arbitration Court of Appeals upheld this ruling on October 28, and the Arbitration Court of Moscow District dismissed an appeal against the lower court rulings. The details of the court hearings were not published, as they were held behind closed doors.
Rusagro Group was included in Russia's list of "economically significant organizations" (ESO) in July 2024. Under Russian law, the Agriculture Ministry acts as the plaintiff in cases to suspend the corporate rights of foreign shareholders of companies on Russia's list of ESOs that fall within its brief. In terms of jurisdiction, such lawsuits are considered by the Arbitration Court of Moscow Region.
PJSC Rusagro Group shares began trading on the Moscow Exchange on February 17, 2025.
Rusagro Group is one of Russia's leading agro-industrial holdings, holding top positions in the production of sugar, pork, oil and fat products as well as agricultural goods.
In 2024, the group produced 1.114 million tonnes of crude vegetable oil, up 55% compared to 2023. Sugar production in 2024 increased 13% to 1.049 million tonnes. The group produced 311,000 tonnes of pork in live weight for slaughter in 2024, down 7%. It sold 1.02 million tonnes of grain crops, 11% less, 414,000 tonnes of oilseeds, 36% less, and 4.07 million tonnes of sugar beet, 25% less.
Rusagro Group boosted net profit to International Financial Reporting Standards 23.2% in 2024 to 340.1 billion rubles.
The group's land bank is 707,000 hectares. The assets are located in 15 Russian regions.
The company has been in the headlines recently because its founder, Vadim Moshkovich and former CEO Maxim Basov were arrested on large-scale fraud charges last week. The criminal case concerns alleged fraud in Rusagro's acquisition of shares in sunflower oil producer Solnechnye Produkty. Damages in the case total about 1 billion rubles, although the amount could change, an informed source said.
Rusagro premises were searched, and documents were seized.
The company said the searches were not related to current operations, and the holding kept working as usual, all industrial facilities were operating, and all obligations to clients, partners and employees were being met in full.
The Russian Interior Ministry's investigative department is investigating the case.
