SEB Bank has issued AB Linas Agro an LTL 200 million credit limit.
Next year, member of AB Linas Agro Group, AB Linas Agro which is engaged in global trade in agricultural products and feedstuff, will have access to an LTL 200 million credit limit. This year, taking into account the company’s needs, SEB Bank has increased the limit by LTL 50 million. The purpose of the credit limit is the company’s working capital financing.
“Lithuania’s agricultural sector is growing further and is a particularly promising one. We see the success of operations of AB Linas Agro – a leader in this particular sector, its strong financial results and clearly defined objectives, therefore, we can ensure a higher supply for the company’s working capital over a further year of its activities,” says Aivaras Čičelis, Vice President and Head of Corporate Banking Division of SEB Bank.
Tomas Tumėnas, Finance Director of AB Linas Agro Group maintains that having just closed a year of particular success, which is a result of record-high grain harvest and good market conditions, the company is already preparing for a new season. “This year, we are also determined to remain focused on increasing the scope of operations both in the domestic and foreign markets. We see quite many further business opportunities, therefore, the increased credit limit issued by SEB Bank will enable us to avoid reducing our scope of activities and retain still stronger position in the competition with other companies within this particular sector in the Baltics,” T. Tumėnas says.
Over an economic year that closed on 30 June, AB Linas Agro Group companies sold up to 1.7 million tons of various grains, feedstuff and agricultural inputs.