18 Jan 2011 07:00
Reconstruction Capital II Limited ("RC2" )
18 January 2011
Sale of Agripoint Ltd
RC2 is pleased to announce that East Point Holdings Limited ("EPH") has completed the sale of 100% of the share capital of Agripoint Ltd ("Agripoint"), the holding company for EPH's cereals trading and storage business, to CHS Europe S.A. ("CHS") for EUR45m. CHS is owned by CHS Inc., a leading US grains, food and energy company.
The proceeds of the transaction are to be used by EPH primarily to deleverage its other businesses, for working capital purposes, and to fund investments at Novkabel, its cable manufacturing subsidiary.
In anticipation of the transaction, RC2 had sold back to EPH its 9.41% shareholding in Agripoint for a total consideration of EUR 3,817,539.
For further information, please contact:
Reconstruction Capital II Limited
Ion Florescu / Moritz Fried
Tel: +44 (0) 207 244 0088
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett / Robert Beenstock
Tel: +44 (0) 20 7383 5100
LCF Edmond de Rothschild Securities (Broker)
Hiroshi Funaki / Claire Heathfield
Tel: +44 (0) 20 7845 5960