12:49 15.03.2017

MHP sells assets in Crimea for $77.5 mln

MHP sells assets in Crimea for $77.5 mln

The deal to sell Crimean assets of Myronivsky Hliboproduct (MHP) agricultural holding cost $77.5 million, the company said in a report on the website of the London Stock Exchange (LSE).

After closing the deal the company fully halted its operations in Crimea. Its poultry production and meat processing facilities decreased by 6.5% and 12.6% respectively.

According to the report, the Board of Directors authorized the management of the group to pursue negotiations in relation to a planned disposal of the Crimean companies. At the end of December 2016, by virtue of a board resolution, management of the group committed to a plan to dispose of the following group companies that are located in the Autonomous Republic of Crimea. The sale was consummated on February 17, 2017. The GROUP has recognized impairment losses in respect of the property in the amount of $35.15 million.

The total balance sheet cost of assets was estimated at $88.4 million.

As reported, late February 2017 Myronivsky Hliboproduct announced a full sale of its assets in Crimea: Druzhba Narodiv Nova, Crimean Fruit Company and Druzhba Narodiv.

Proceeds from the transaction will be used for investment, expansion of poultry production and/or expansion of the land bank.

The holding noted the cost of the transaction corresponds to the fair market value of these companies.

MHP is the largest poultry producer in Ukraine. It also deals with production of grain, sunflower oil and meat.

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