May 17 (SeeNews) - Romanian agriculture company Grup Serban Holding [BSE:GSH] said on Wednesday that it has invested 4 million lei ($874,500/806,700 euro) in the acquisition of a new farm in the north-eastern county of Bacau.
The newly acquired farm, which spans an area of 343,400 sq m, is part of the group's consolidation process in the area, it said in a press release.
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Following the transaction, Grup Serban now owns 12,500 hectares of arable land.
"Within this farm, we aim to implement a rotational vegetable development system with a stable crop plan consisting of potatoes and other root vegetables. This step will allow us to increase vegetable production by approximately 7%," said Nicolae Serban, chairman of the board of directors of Grup Serban Holding.
Founded in 1994, Grup Serban Holding is active in agriculture, cereals trading, oil plants and vegetables, poultry farming, bakery, catering, as well as distribution and transport. At end-2022, the group recorded a 10% annual growth of its net profit, to 27.8 million lei.
Grup Serban's shares last traded 1.27% higher at 1.59 lei as of 1522 CET on Monday on the Bucharest Stock Exchange.
(1 euro=4.95954 lei)