The international insurance group Fairfax Financial Holdings (Canada) has increased its stake in the Ukrainian agricultural holding Ovostar (Ovostar Union) to 17.499% from 10.39%, the company announced on the Warsaw Stock Exchange on Tuesday.

It is indicated that the transaction was carried out on June 30 this year. According to its results, the Fairfax shareholding increased to 1,049,492 shares from 623,400.

Earlier, Allianz OFE pension fund, which owned 311,443 shares, announced a deal to sell a 5.19% stake in Ovostar, carried out on June 30.

Fairfax last significantly increased its stake in Ovostar in March 2021 to 10.39% from 5.35%.

The share price of the agricultural holding on the WSE is currently PLN56.5 per share ($14.08 at the current exchange rate). Since the beginning of the day on the news of the deal, it has grown by 2.73%, while on June 30 the closing price was equal to PLN45.2.

The Ovostar group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. The manufacturer has been a certified exporter to EU countries since 2015.

The holding company of the group Ovostar Union N.V. in mid-June 2011 carried out an IPO of 25% of its shares on the Warsaw Stock Exchange at PLN62 per share and raised $33.05 million. There are 6 million shares in circulation.

Ovostar received $8.98 million in net profit in the first quarter of 2023, while it ended the same period in 2022 with a net loss of $16.44 million. Revenue increased by 70.7% to $47.30 million.

Ovostar ended 2022 with $6.09 million in net profit, which is 3.7 times more than in 2021. Its revenue increased by 1.7% to $135.63 million.