Agriculture

Agriculture
April 23, 2010MHP exchanged 91% of 2011 eurobonds for new 2015 eurobonds

MHP [MHPC LI, HOLD], a major poultry producer in Ukraine, has exchanged 91% of its eurobonds maturing in 2011 for five-year eurobonds of a new issue with maturity in 2015. The total bid accounted for USD 226.5 mln of the USD 250 mln issued. Subject to the exchange ratio this implies a new issue of USD 240.5 mln. Those who exchanged their eurobonds prior to April 21 did so at a 106.25% exchange ratio, while those who do so through May 10, will get a 103.25% exchange ratio.

Agriculture
April 22, 2010The AMCU approved the sale of 50% stake in Ukrros: NEUTRAL

The Antimonopoly Committee of Ukraine (AMCU) has approved the sale of 50% stake in Sugar Union Ukrros [UROS UZ, BUY] to Sugar Holding Ltd. (Cyprus). As of December 31, 2008 Sugar Holding Ltd was the owner of a 20% stake in the Ukrros, while another 49.64% were owned by Radinvest Asset Management (Ukraine).

Agriculture
April 19, 2010Kernel announced 2Q2010 results: NEUTRAL

Kernel Holding [KER PW, HOLD], a major grain trader and sunoil producer in Ukraine has announced its financial results for 2Q2010 ended on December 31, 2009. For the 2nd quarter Revenue decreased 6.5% YoY, from USD 291.2 mln for 2Q2009 to USD 272.3 mln for 2Q2010; Operating profit increased 7% YoY from USD 48.2 mln to USD 51.6 mln; Net profit increased 8% YoY, from USD 39.9 mln to USD 43.2 mln.

Agriculture
April 16, 2010NYSE Euronext to open grain futures exchange: POSITIVE

NYSE Euronext is looking for partners in Ukraine for opening full-fledged grain futures exchange in Ukraine. The negotiations with potential partners will occur on April 22 in Paris. The exchange is planned to be opened at the end 2010. The clearing bank for the exchange is likely to be a Ukrainian subsidiary of a French bank.

Agriculture
April 16, 2010Industrial sector and agriculture spur output in 3M10

Ukraine’s industrial output surged in March 2010 by 16.2% MoM and by 13.8% compared to March 2009. In 3M10 industrial output grew by 10.8% YoY: the steepest growth was in chemical industries (+29.8% YoY) and machinery (+25.7% YoY).

Agriculture
April 14, 2010MHP proposes to exchange its Eurobonds at new issue

MHP [MHPC LI, HOLD], the leading Ukrainian poultry producer, is proposing to its Eurobonds holders (issue MHP-11, volume: USD 250 mln, coupon: s/a, 10.25%, maturity: 30.11.2011, current YTM (mid): 5.98%) an exchange of old bonds for new a 2015 maturity. The new issue coupon will be announced on April 19. Bondholders who accept the proposal prior to April 21 would receive 106.25 of new issue for every 100 of existing issue; other investors, who will accept the proposal before May 10 would receive 103.25 of new issue for every 100 of the old one. According to the Company the main objective of the Eurobonds exchange is the redemption of USD 100 mln in short-term banking debts (including near USD 20 mln of UAH-nominated loans with weighted interest of 23.8%), and further land bank expansion to 300 thsd ha (current land bank – 200 thsd of hectares) and building of a new poultry facility.

Agriculture
April 8, 2010MHP to attract USD 50 mln EBRD loan, acquires two agrofarms

Ukraine’s major agroholding Myronivsky Hliboproduct [MHPC LI, HOLD] is negotiating with EBRD on the attraction of USD 50 mln loan for the purpose of working capital financing, the purchase of sunflower seeds and other raw materials as well as for improving energy efficiency. The final decision should be made by EBRD’s Board on May 6.

Agriculture
April 7, 2010Ukraine`s major egg producer to conduct IPO on LSE

Ukraine’s egg producer Avangard has announced its plans to conduct IPO on LSE. The listing was due to launch April 6. Avangard is Ukraine's largest egg producer, supplying fresh eggs to the domestic market and egg products for export. The Holding operates 19 farms with more than 16 mln laying hens located in 14 regions of Ukraine. The Company also includes breeder farms and feeder mills. It has 39% market share of industrially produced eggs and 53% for egg products. Avangard exports its products to 156 countries, primarily to Middle East and Asia.

Agriculture
April 2, 2010Astarta visit tips off 2009 results, 2010 prospects

During a meeting with Astarta [AST PW, BUY] representatives, held on April 1, we gained fresh insight on the current state of the Company as well as the market’s prospects.

Agriculture
April 1, 2010Ukraine’s government ponders ways to cover sugar shortage

The Ministry of Agrarian Policy is considering ways of covering the sugar shortage in Ukraine, which is estimated to reach 200-250 thsd tonnes by the end of this season (by September). The few options that now exist are importing raw cane sugar from WTO members or importing 100-150 thsd tonnes of sugar from Belarus with an extended duty and VAT repayment period. The government controls the current schedule for importing 230 thsd tonnes of raw cane sugar per week and those importers who fail to import their share until June will lose their quotas.

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