OREANDA-NEWS. November 10, 2009. Agroton, a Ukrainian agricultural holding company, announced about the completion of its share placement (20%) for USD 42mn. Specifically, the company sold 4mn of its depositary receipts at USD 10.5 per each, which increased its capitalization up to USD 168mn. Starting on 12 November, Agroton shares are to be listed on the Frankfurt Stock Exchange, while the Company is planning to conduct its share placement on the Warsaw Stock Exchange in 1H2010.

Millennium Capital sees the news to be positive for Agroton, since considering its financial results for 2008 (EBITDA USD 22mn and EBITDA margin 29%) and the land bank of 134 thousand ha, the company was placed at around 70% premium to its peers. Millennium Capital believes the main reason for such pricing is a low debt burden of the Company and highly profitable assets on its books, such as poultry farms, which is attractive for foreign investors.