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Sintal increases land bank by 1/3 from Icon Private Equity in exchange for 6% stake

Sintal increases land bank by 1/3 from Icon Private Equity in exchange for 6% stake

5 October 2011

Sintal Agriculture (FSE: SNPS GR, N/R) increased its land bank by a third yesterday via the acquisition of the Agrika farming business in Kherson region from private equity fund Icon Private Equity in exchange for a 6% equity stake, the company reported yesterday at a press conference. Agrika controls 50,000 ha of land. Icon Private Equity also granted Sintal a USD 8 mln convertible, which, if executed, would increase its stake in the company to 10.8%.

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