On October 28th, Z.A.O. Sodrugestvo-Soy, a wholly-owned subsidiary of the Sodrugestvo Group has requested the cancellation of a $ 50-million 7-year loan, to be disbursed by the International Finance Corporation...
SVETLIY, NOVEMBER 27TH 2009
SODRUGESTVO GROUP REPORTS
THE CANCELLATION OF A $ 50-MILLION IFC LOAN
On October 28th, Z.A.O. Sodrugestvo-Soy, a wholly-owned subsidiary of the Sodrugestvo Group has requested the cancellation of a $ 50-million 7-year loan, to be disbursed by the International Finance Corporation. This cancellation is effective as of November 27th. 2009. The loan agreement between ZAO Sodrugestvo-Soy and the IFC had been signed on January 31st 2008.
Sergey Churkin, Chief Financial Officer of the Group, comments: “Despite the financial crisis, the Sodrugestvo Group has pursued its infrastructure investment policy in 2009 and is planning the extension of its port and storage facilities in 2010 to facilitate the export of Russian agricultural commodities through Kaliningrad. We have also repaid in full and in time our Rouble bonds issue last October.
In the meantime, not only IFC has not been able to disburse the loan it committed to 22 months ago, but it also changed unilaterally conditions of disbursement in our disfavour. To our surprise, these new conditions make IFC loan uncompetitive versus facilities offered by our existing Russian and international lenders, and make us suspicious of the actual willingness of IFC to actually disburse the loan they have committed.”
Sodrugestvo (www.sodrugestvo.com) has been founded in 1994 and is focused on servicing the agricultural markets through specialized infrastructures, dedicated logistics, processing facilities and trading and distribution of selected commodities. Sodrugestvo has its head office and its largest facility in the Kaliningrad Oblast of Russia. With 18 locations in 7 countries, Sodrugestvo has more than 1,000 collaborators. In 2009, Sodrugestvo has crushed more than 1.1 million tons of soybeans and rapeseed, becoming a leading player in Northern, Central and Eastern Europe. Consolidated sales for the year ending June 30th 2009 have reached $845 mil., confirming an average annual growth of 15% or more for the last ten years. Sodrugestvo is privately held.
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