Joint-stock company APF Holdings, which includes one of the largest poultry farming and egg production companies in Latvia, Alūksnes putnu ferma, will change its name to Agrova Baltics, according to the company’s announcement to the Nasdaq Riga stock exchange.
The company has convened an extraordinary shareholders’ meeting, which will take place on 10 December.
The name change is related to the fact that its largest shareholder, Jurijs Adamovičs, at the beginning of the month established a new food production company group, Agrova International. The new company has decided to become a rapidly growing producer of poultry, eggs, and innovative egg products at the European level.
Agrova International has taken over the APF shares owned by J. Adamovičs and will also acquire new production assets in Europe, developing Agrova International into an international-scale corporate group with diversified operations in various countries. It is planned that it will be possible to announce the addition of new assets to the Agrova group within the next 3–6 months.
APF, in turn, will continue its development in the Baltic region and will be a part of Agrova International, and will also remain a company listed on the Nasdaq Riga stock exchange.
Agrova International will use both investments made by J. Adamovičs and funds from international financial investors for the acquisition of new assets. At the same time, next year Agrova International will invest 25 million euros in the development of Alūksnes putnu ferma to promote the company’s operations in the Latvian and Baltic markets.
“The goal of establishing Agrova is to significantly expand market presence in Europe by creating synergies between the already successfully operating APF holding and its Alūksnes putnu ferma, and new manufacturing companies in other countries that we hope to add to the Agrova group. I have no doubt that existing APF shareholders will benefit from this, as the creation of Agrova will also mean attracting new investment and broader development opportunities in the future. It was precisely the successful growth of APF and its innovative approach to the production of eggs and various egg protein products that gave the impetus to create a new international group, as I see that demand for egg protein products is growing and stable not only in the Baltics. Agrova’s goal is to use this demand-driven market opportunity and go beyond the borders of the Baltics,” says Jurijs Adamovičs, founder of APF Holdings and Agrova International.
Originally published at https://inc-baltics.com/apf-holdings-partaps-par-agrova-baltics/
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