EBRD acquires minority stake in Ukrainian subsidiary of ED&F Man
KYIV. Nov 28 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has acquired a minority stake in the Ukrainian subsidiary of ED&F Man, one of the world's leading companies in sugar production and sales.
The bank said the value of the deal, which was signed on Tuesday, is $15.9 million.
"The bank is investing $15.9 million into ED&F Man operations in southern Ukraine, in Mykolaiv region, where the group runs a sugar refinery. The proceeds of the investment will be used to install sugar beet processing equipment and to further develop sugar beet growing operations in the region (through a joint venture with Continental Farming Group, a farming company listed on AIM in London with operations in Poland and Ukraine)," reads an EBRD press release.
As reported, the overall financing requirements of ED&F Man Ukraine Investments to realize these projects is estimated at $69 million.
ED&F Man was established in London in 1787 and is one of the largest sugar producers in the world. The company operates in more than 60 countries.
In May 2012, the Antimonopoly Committee of Ukraine approved the establishment by Continental Farmers Group (CFG, the Isle of Man) and ED&F Man Holdings of a joint venture for sugar beets planting.
In the JV, CFG will be engaged in the cultivation and supply of sugar beets to the sugar factory of ED&F Man in Mykolaiv region.
