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  | Eng 
1 July 2009

Sale 30% stake in Agricultural Business Unit

IFG "TAS" has signed an agreement with the Swedish investment fund Kinnevik for the sale of 30% of the agricultural business

Investment Financial Group “TAS”, LLC (IFG TAS) has signed an agreement with the Swedish investment fund Kinnevik to sell 30% stake in the Agricultural Business of IFG "TAS". The agreement also provides for the possibility of increasing share of Kinnevik to 50%. Attracting the foreign investors is an important step to strengthen the domestic agriculture sector, and at the same time, it opens new and promising directions in its development- believes the company.

According to the General Director of the IFG "TAS" Sergey Popenko, “the partnership with Kinnevik fund, which has extensive international experience in the development of the agricultural business, will allow effective development of agricultural business of the Group and strengthening its competitiveness and increasing market share of the company by attracting new technologies, innovative approaches and investment capabilities of the new shareholder”.

Representatives from IFG "TAS" and investment fund Kinnevik are confidence in long-term attractiveness of Ukrainian agrarian sector and are going to increase the areas of the agricultural land cultivated by the company. Currently, the company handles 16,700 hectares of land plots and plans to expand its business throughout Ukraine.

“Our cooperation is based on principles of partnership and mutual understanding”, the shareholders outline. “Ukrainian agricultural market is very promising, and we are confident in the success of our business”.

Background:

IFG "TAS" is the managing company of TAS group of companies (TAS Group). TAS Group is the Ukrainian financial-industrial group with assets in banking, insurance, rail car machinery, pharmaceutical retail, real estate and construction, agribusiness and other sectors. In 2007 IFG TAS sold its two main banks TAS-Komerzbank and TAS-Investbank to Swedbank AB.

Kinnevik (Investment AB Kinnevik) was established in 1936 as an investment company. The Parent Company manages a portfolio of investments focused around three comprehensive business areas: Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide; Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs; and New Ventures which is active in finding new investments in small and mid sized companies which has a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.

Source: Press Center IFG "TAS"