SEB Bank increasing its financing for AB Linas Agro by EUR 26 million.
SEB Bank has resumed its financing for AB Linas Agro, a company engaged in trade of agricultural raw materials and in product supply for the agricultural sector, increasing it up to EUR 94 million. Financing to the member of AB Linas Agro Group increased by EUR 26 million for the coming year will enable it expanding its trade both locally and internationally.
“Agricultural sector in this country is stable and has further growth potential. We are aware of this sector’s importance for the economic well-being of our country, therefore, we have been actively financing this sector companies for quite a number of years. So far, ‘Linas Agro’ has been a success in developing its both local and international trade in agricultural products, so increased financing for its working capital will enable it to continue increasing its trade volumes”, says Aivaras Čičelis, Vice President and Head of Corporate Banking Division of SEB Bank.
AB Linas Agro Finance Director Tomas Tumėnas maintains that according to preliminary estimates over the financial year that ended in June AB Linas Agro product sales increase was nearly 1.7 million tonnes, or 4.5 per cent, year on year. Over financial year 2015/16 the company expects to increase its volumes of different cereals sales and increase its trade in fertilizers in both the domestic and export markets.