SEB bank together with DNB bank granted two syndicated loans totaling 98.4 million litas (€28.5 million) to an agricultural company Litagra UAB which owns a group of 27 companies. This sum will finance working capital needs and refinance current loans.
„An agricultural sector is a stable, growing and very important for Lithuania economy. Due to this reason, agricultural sector companies are actively planning business development and new investments. This is the reason why we are forecasting good prospects for financing in agricultural land sector“, – said Aivaras Cicelis, the deputy president of SEB bank and a director of Business Banking Division.
„Now we can focus on implementation of business development and spend less time on administrating loans. The benefit also will be felt by the customers of Litagra UAB because we can afford to offer more flexible payment methods and a wider range of products. This loan is a guarantee for us that we will be capable to pay our suppliers in time and on the best terms“ – said Gintaras Kateiva, chairman of the Board of Litagra UAB group.
The activities of Litagra UAB group companies include the primary crop and livestock (milk) production, grain processing and agricultural services. The group companies sell plant protection products, fertilizers, seeds, compound feed, feed supplements, veterinary products, grain trading, providing grain and other raw materials drying, cleaning, handling and storage services. The main activities are in the Baltic countries but the company is also distributing products in Russia and Belarus.