UkrLandFarming to export grain to Saudi Arabia in 2012

UkrLandFarming, owned by Avangard (LSE: AVGR LI, N/R) majority shareholder Oleg Bakhmatyuk, plans to start exporting grain to Saudi Arabia in 2012, Interfax reported on Monday. The transaction follows negotiations between Bakhmatyuk and Saudi Arabian Finance Minister Ibrahim Abdulaziz Al-Assaf. Further details of the arrangement were not disclosed. Bakhmatyuk also said UkrLandFarming would participate in a Saudi Arabian investment project for foreign agriculture business development. UkrLandFarming operates about 500 ths ha of land and 18 meat processing plants, controlling 20% of the Ukrainian beef market, according to Interfax. UkrLandFarming acquired Rise and Dakor Agro Holding (UX: DAKOR UK, FSE: 4K1A GR; N/R) in early 2011.