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Prometey raises first tranche of $ 4 mln in trade finance within $ 10 mln deal
KYIV. Oct 4 (Interfax-Ukraine) – Prometey group of companies has announced the attraction of the first tranche of trade financing in the amount of $ 4 million, received under an agreement with an international investment fund, the total volume of this transaction will be $ 10 million, the grain trader said on the website.
The group will use the funds received to replenish working capital and purchase sunflower seeds for the previously announced start of sunflower oil production for export to foreign markets.
It emphasized that the criteria that allowed it to attract financing were the low debt burden – the ratio of debt to EBITDA at 1.8, as well as the status of its owner outside of political parties.
As reported, Prometey intends in the near future to start production and export of unrefined sunflower oil to India, China and European countries, and in the future plans to organize the bottling of oil under its own trademark.
Entering the new market is caused by a combination of factors: successful trade in grains and oilseeds, the purchase of new elevators and the expansion of the land bank, diversification of services provided to farmers in a favorable external environment. Prometey specified that the growth trend in world consumption of sunflower oil will continue, despite the volatility of the oilseed market, which will serve as a driver for the development of the oil and fat industry in the future.
Prometey provides services for storage, processing and logistics of grain and leguminous crops on the basis of 29 elevators in Mykolaiv, Kirovohrad, Kyiv, Khmelnytsky, Zaporizhia, Sumy, Odesa, Kherson and Dnipropetrovsk regions.
By the end of 2021, Prometey Group plans to receive $ 45 million in EBITDA.
The financial indicators of the group of companies for 2020 have not yet been released. In 2019, EBITDA of the group amounted to $ 30.5 million, revenue – $ 222 million.
