Bulgaria's Agria Group closes purchase of Komerce

The deal will strengthen Agria Group's market presence in domestic trade and exports by securing grains as raw material and aligns with the company's investment programme aimed at expanding agricultural land ownership and leases, the farming group said in a statement, without disclosing the value of the transaction.

The move will also support the company's ability to process oilseeds and grain crops for the production of crude and refined sunflower seed oil and ethanol.

By buying Komerce, Agria Group will lay a foundation for its future growth and ensure long-term security and sustainability, improving cash flow and adding value at the group level, the company said.

The transaction, which grants Agria Group full ownership of Komerce's equity capital of 298,000 levs ($165,118/152,364 euro), was approved by Bulgaria's competition authority in December.

As of 1533 CET on Thursday, shares in Agria Group traded 0.48% higher at 21.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)