Astarta Targets 15% of Domestic Sugar Market by 2011
21 January 2008
According to Ukrainian News, Astarta (AST PW: N/R) announced that it plans to capture 15% of the Ukrainian sugar market by 2011. The company intends to invest about USD 35 mln in increasing efficiency and expanding its land bank; by 2011 Astarta plans to enlarge its sown area by 17% to 158 ths ha. Olha Pankiv: After having reached 8% of Ukrainian sugar production this season with 155.5 ths mt, Astarta has upgraded its mid-term market share plans from 10% (stated before its IPO in summer 2006) to 15%. One of the major sources of financing Astarta’s efficiency program will be a USD 20 mln loan from the European Bank of Reconstruction and Development, which it announced it would provide the sugar producer on Friday.
