AB Linas Agro Group plans to change its name
06 Ottobre 2023 - 8:00AM
AB Linas Agro Group plans to change its name
The Management Board of AB Linas Agro
Group submits the issue of changing the company's name to the
shareholders for consideration at the Annual General Meeting of
Shareholders on 27 October. If the shareholders approve the new
name, AB Linas Agro Group will become AB Akola Group.
Today, AB Linas Agro Group operates one of the
largest agri-food groups in the Baltic States, comprising 69
subsidiaries and two associates and employing over 5,000 people.
The group's companies produce, process, and sell agricultural and
food products and supply goods and services to farmers, with a
total annual revenue of EUR 2 billion.
"Activities of our group of companies started with rapeseed
exports. For more than three decades, we have been expanding our
activities in the field of agricultural services, supplying farmers
with products for crop and livestock production, and exporting the
produce they grow. In 2013-2014, we moved into food production by
acquiring poultry companies in Latvia and started to identify
ourselves as a group with vertical integration across the food
chain. Over the last two years, we have strengthened our position
in the food sector through acquisitions: in 2021, we acquired AB
Kauno Grūdai, Vilnius and Kaišiadorys poultry companies and some
other companies in Lithuania, and in July this year, we acquired
Grybai LT, a cooperative producer of ready-to-eat food. Today, our
activities span the food production chain from the field to the
table, which is why we want our name to be a universal one that
encompasses the broad spectrum of our activities," notes Darius
Zubas, Chairman of the Board of AB Linas Agro Group.
The Akola brand is known to AB Linas Agro Group
investors and shareholders - Akola ApS, registered in Denmark, is
the main shareholder of the company, holding 68.23% of the
shares.
"The name "Akola" encapsulates the message
"Authentic Knowledge
Of the Land's
Alphabet" and reflects our group's experience,
identity, and activities. We are steadily expanding our activities
along the entire food production chain, that starts with land and
farming, but we see increasing prospects in the development of food
production- particularly in the development of new food products
and brands and their establishment in markets in Western Europe and
further afield. We plan to expand our food production activities by
investing in new, sustainable, modern food plants with innovative
technologies," notes D. Zubas.
https://youtu.be/dle9SHhDMuU
If the shareholders approve, the company's new
name will have to be registered at the State Enterprise Registrų
Centras with the new articles of association and later at the
Nasdaq Vilnius Stock Exchange. The name change process could last
until the end of 2023.
AB Linas Agro, a subsidiary of AB Linas Agro
Group, and its daughter companies will continue to use the ‘Linas
Agro‘ brand.
About Linas Agro Group
AB Linas Agro Group owns the largest
agricultural and food production group in the Baltic States, with
almost 5,000 employees. The group operates along the entire food
production chain from field to table, producing, processing, and
marketing agricultural and food products, as well as providing
goods and services to farmers. In July 2023, the group acquired a
modern robotic factory in Širvintos, which is active in the
production and sale of ready-to-eat food products, with the main
products being organic soups, curries, cereal dishes and organic
canned vegetables and pulses in packets - about 70 product
names.
Additional information will be provided by:
CFO of Linas Agro Group AB Mažvydas ŠileikaMob. +370 619 19
403E-mail m.sileika@linasagro.lt
Grafico Azioni Akola Group Ab (LSE:0NSG)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Akola Group Ab (LSE:0NSG)
Storico
Da Apr 2023 a Apr 2024
